Answer to Question #212349 in Macroeconomics for Elle

Question

1 What is industrial sector and write about the industrial sector of Ghanaian economy

2 What is the GDP and write about the GDP of the Ghanaian economy

3 Briefly explain employment in relation to the Ghanaian economy

Answer 1

1:

 The industrial sector refers to firms manufacturing and distributing finished goods in the economy. Ghana's industrial sector has experienced significant growth due to abundant natural resources that attract investment. Main industries in Ghana deal with mining, food processing and manufacturing of light.

2:

Gross domestic products refer to the monetary value of finished goods and services in a country within a specified time.

 Ghana gross domestic products as 67 billion in 2019n and has reduced to 50 billion in 2020. The deceleration has been caused by a slump in oil prices and weak global economic activities.

3:

Employment refers to the creation of jobs and income. It is the key pillar of development because it eradicates poverty. The unemployment rate in Ghana was 4.3percent in 2019 and it increased to 4.5 percent in 2020. This increase was caused by the economic disruption that led to the firm laying off some workers.