Projected economic growth has, however, been maintained at 6.3 per cent.

The reduction in the nominal GDP, which measures the value of finished goods and services at current prices, is equivalent to about 0.7 per cent.

The Finance Minister, Mr Ken Ofori-Atta, said the revision was in line with developments in the first half of the year.

He announced the new target on Monday, when he appeared before Parliament to present the mid-year budget review.

Below are the revised macroeconomic targets for 2017

• Non-oil GDP growth rate maintained at 4.6 per cent;
• End-year inflation rate is maintained at 11.2 per cent;
• Overall fiscal deficit has been revised downwards from 6.5 per cent of GDP to 6.3 per cent of GDP;
• Primary balance has been revised from a surplus of 0.4 per cent of GDP to a surplus of 0.2 per cent of GDP; and
• Gross Foreign Assets to cover at least 3 months of imports of goods and services, remains the same as originally programmed.