ACCRA (Reuters) - Ghana's unadjusted gross domestic product growth slowed to 6.7 percent in the first quarter of 2013 from 10.3 percent a year ago, the statistics office said on Wednesday.
The West African state's economy -- which produces cocoa, oil and gold -- is forecast to grow at 8 percent in 2013, according to the International Monetary Fund.
Its growth performance has been hindered by lower-than-expected crude and cocoa exports and there are also concerns about a 2012 budget deficit which reached 12.1 percent, nearly double the government's target.
Broken down by sector, services recorded the highest growth at 12 percent in the first quarter, followed by agriculture at 1.1 percent. The industrial sector contracted 0.8 percent, the office said.
Ghana's statistics office also said consumer price inflation was 11.1 percent year-on-year in May.
The index was calculated for the first time using a rebased basket with fresh items to reflect current consumer priorities. The April inflation figure was at 10.2 percent under the non-rebased index.
Producer price inflation, also announced on Wednesday, fell for the second consecutive month to 8.6 percent year-on-year in May from 10.2 percent in April.
Producer price inflation is an advance indicator of consumer price inflation, which the government wants in the single digits. Consumer price inflation rose to a 3-year high in May at 10.9 percent.
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