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Estimates Revision: Ghana - GDP(E) - Method
Tuesday, 04 Sep 2018 16:18 ET
By Katie Cristofano
August 2018 -- To improve our estimates of the expenditure components of GDP for Ghana, we have changed our benchmark to the national source from a multi-national source (25 quarterly series revised from 1960).

Motivation: Because we now carry quarterly total GDP and annual GDP(E) components as reported by GSS, in our estimation process we are able to change our benchmark dataset from WDI. This improves the start date of our quarterly estimated series.

What you will see: Real estimates have gained 10 years of history. Start date for real, nominal  and deflator estimates is now 1960Q1. All periods are revised.

The series reside in the historical catalog (Ghana » National Accounts » by Expenditure » Moody's Analytics Estimated) and include, for example: 

  • RNACEGDPAQ.IGHA = National Accounts: Gross domestic product, (Mil. 2006 GHC, SAAR)
  • RNALECHAQ.IGHA  = Private consumption, (Mil. GHC, SAAR)
  • RNALETBAQ.IGHA  = Net exports, (Mil. GHC, SAAR)
  • RPDIIAQ.IGHA    = Implicit price deflator - Gross capital formation, (Index 2006=100, SA)

Because catalog locations are subject to change, the upper-right search box on DataBuffet.com provides a "find in catalog" mode that accepts a mnemonic. 


  • GDP(E): Expenditure approach to gross domestic product
  • GEM: World Bank - Global Economic Monitor
  • GSS: Ghana Statistical Service (national source)
  • SA: seasonally adjusted
  • UNSD: United Nations Statistics Division 
  • WDI: World Bank - World Development Indicators

Old methodology

For real and nominal components of GDP and real total GDP, extend the annual WDI using annual UNSD. Convert to quarterly using the pattern of real GDP from GEM.

For nominal total GDP, calculate a GDP deflator using the annual real and nominal GDP from WDI. Convert to quarterly using linear interpolation. Multiply the deflator by the quarterly GEM series to calculate a proxy series for quarterly nominal total GDP. Use proxy to convert the WDI annual nominal total GDP to quarterly; set as estimate. Extend series using the proxy. 

To ensure additivity across nominal components, squeeze to total GDP. Compute remaining components and implicit price deflators as identities. 

New methodology

Set estimated total GDP to quarterly SA GDP from GSS. Extend nominal estimate using quarterly GEM. Extend nominal and real total GDP using annual GSS, World Bank or UNSD, converted to quarterly using quarterly GSS.

Set estimated components to annual GDP(E) from GSS. Extend using annual World Bank or UNSD; extend further with deflator (see below). Convert to quarterly using quarterly GSS. Extend estimate of real component X by applying inverse of deflator to nominal component X. 

To ensure additivity across nominal and real components, squeeze to total GDP.

For each component X calculate a deflator using the real and nominal estimates of X, and extend using the total GDP deflator. 

See also

Related ReleaseGross Domestic Product
SourceMoody's Analytics (ECCA)
Release DateReference date
19 Sep 20192Q 2019
19 Dec 20193Q 2019