Finance, insurance contribution to real GDP drop to 3.49% in Q3 2022

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The National Bureau of Statistics (NBS) on Thursday revealed that finance and insurance sector’s contribution to real Gross Domestic Product (GDP) dropped to 3.49 per cent in the third quarter (Q3) of 2022, a decline from 4.25 per cent it contributed in the second quarter (Q2) of year.

However, the contribution of finance and insurance to real GDP, thus totalled higher than the contribution of 3.16per cent recorded in the Q3 of 2021 by 0.32 per cent points.

The latest report by NBS revealed that the finance and insurance sector consists of the two subsectors, financial Institutions and insurance, which accounted for 89.99per cent and 10.01per cent of the sector respectively in real terms in Q3 2022.

The NBS report said: “As a whole, the sector grew at 21.37per cent in nominal terms (year-on-year), with the growth rate of financial institutions at 20.65 per cent and a 28.26 per cent growth rate recorded for insurance.

“The overall rate was lower than Q3 2021 by 5.09 per cent points, and lower by 8.53 per cent points than the preceding quarter.

“The quarter-on-quarter growth was -9.40 per cent. The sector’s contribution to the overall nominal GDP was 2.83 per cent in Q3 2022, higher than the 2.70 per cent it represented a year previous, and lower than the contribution of 3.63 per cent it made in the preceding quarter.

“Growth in this sector in real terms totalled 12.70 per cent, lower by 10.53 per cent points from the rate recorded in the 2021 third quarter and down by 5.78 per cent points from the rate recorded in the preceding quarter. Quarter-on-Quarter growth in real terms stood at -10.14 per cent.”

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