How Will Data-Driven Technological Progress Impact Economic Growth by 2030?

GDP growth rate reached 5.3% in the first half of 2025

Ghana's economy demonstrated remarkable resilience in the first quarter of 2025, with GDP growth reaching 5.3% year-on-year, a significant improvement from the 3.6% expansion recorded in the final quarter of 2024. This economic acceleration has been primarily driven by strong performances in both the agriculture and services sectors, showcasing the country's diversifying economic base.

The non-oil sector has emerged as a particularly robust growth engine, recording an impressive 6.8% year-on-year expansion in Q1 2025. This performance has prompted several financial institutions to revise their forecasts upward for Ghana's annual growth prospects.

A comparison of recent quarterly GDP performance reveals the strengthening trajectory:

In absolute terms, real GDP for Q1 2025 reached GH¢53.5 billion, compared to GH¢50.8 billion in the same period of 2024. The strong Q1 performance has led experts to revise annual growth forecasts for Ghana from 4.2% to 4.9%, reflecting increasing confidence in the country's economic management despite ongoing fiscal tightening measures. The data suggests Ghana is successfully navigating toward a multi-sectoral, inclusive growth model that could position it as a case study for other emerging African economies.

Final consumption expenditure contributed over 50% to economic growth

China's economic landscape has been significantly shaped by final consumption expenditure, which has emerged as a dominant force driving growth in recent years. The data clearly demonstrates this trend, with consumption consistently contributing over half of the country's economic expansion. According to official statistics, final consumption expenditure has maintained its position as the primary engine of China's economy across multiple reporting periods.

The contribution percentages across different time frames illustrate this critical economic pattern:

This robust consumer spending performance has profound implications for China's economic resilience. With the world's largest middle-income group exceeding 400 million people, the country possesses substantial potential for consumption upgrading. The government has implemented policies to enhance both conventional and emerging consumption patterns, recognizing that increasing consumption directly expands market demand, drives production upward, and ultimately enlarges the distributable economic pie for urban and rural residents alike.

Social retail sales increased by 5.0% year-on-year

China's consumer market has shown remarkable resilience in 2025, with retail sales of consumer goods increasing by 5.0% year-on-year, reaching 24,545.8 billion yuan (approximately $3,422 billion) in the first half of the year. This growth rate represents a 0.4 percentage point acceleration compared to the previous period, demonstrating the effectiveness of government policies aimed at stimulating consumption and expanding domestic demand.

The retail sector's performance has been particularly strong in specific segments, as evidenced by the following data:

Social commerce continues to gain momentum in China's retail landscape, with projections indicating it will account for 17.1% of the country's online retail sales by 2025, up from 14.3% previously. This shift reflects changing consumer behaviors and the increasing integration of social media platforms with e-commerce functionality.

In June alone, retail sales increased by 4.8% year-on-year, with Sheng Laiyun, deputy head of the National Bureau of Statistics, noting that "China's consumer market became more dynamic and developed in a positive direction." Household consumption propensity rose to 68.6% in the second quarter, reaching its highest level in recent years according to Wen Bin, chief economist at China Minsheng Bank, indicating improved consumer willingness to spend despite broader economic challenges.

Per capita disposable income grew by 5.3% nominally

China's National Bureau of Statistics recently reported that the country's per capita disposable income increased by 5.3% year-on-year in nominal terms during the first half of 2025. This economic indicator, which measures income after tax, reached CNY21,840 (approximately USD3,040) during the six months ending June 30, demonstrating continued growth in Chinese households' spending power despite global economic pressures.

The data reveals interesting regional variations across China's economic landscape:

This represents a modest expansion in the number of high-income regions compared to the previous year. The growth in disposable income serves as a crucial economic barometer, as it directly influences consumer spending patterns and domestic demand. When examined alongside historical figures, this 5.3% nominal growth demonstrates resilience in household finances, particularly when compared to the 5% nominal growth recorded in 2022, suggesting a slight acceleration in income expansion. Financial analysts attribute this positive trend to strategic economic policies aimed at boosting domestic consumption and enhancing financial stability across diverse income demographics throughout China's varied economic regions.

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