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ACCRA, July 18 (Reuters) – Ghana's economy will be up to 40% larger than what had been calculated when the country of West Africa completed a Revising its economic output data in September, two government officials told Reuters on Wednesday.
The leading product exporter recalculates its gross domestic product based on the 2013 measures instead of 2006 to more accurately reflect recent activity in the petroleum, communications technology and construction sectors.
"The indication is that this year's relining will add 30% or more to the size of the economy … that could go up to 40%," Reuters told Reuters. senior manager close to the government economic management team.
"There will probably be an expansion of 30 to 40 percent," another official told Reuters.
Ghana's $ 47 billion economy ranks eleventh in Africa after Tanzania, according to IMF estimates for 2017. A 30 percent expansion will increase it by one point.
The statistics office plans to announce new data in September, as well as GDP growth in the second quarter. The economy grew by 6.8% in the first three months, he said in June.
The economy of the cocoa and gold producer grew by 60% in 2010, when the country rebasculated its national accounts and acceded to middle-income country status.
This year's rebasing would automatically make the government's deficit and debt levels more benign. But this also means that Ghana's already low tax revenues, as a ratio of GDP, would fall even lower than the regional average, badysts said. (Report by Kwasi Kpodo, edited by Aaron Ross, William Maclean)
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