The Gross Domestic Product report released by the National Bureau of Statistics revealed that the contribution of Finance and Insurance to real GDP reached 2.67%, higher than the contribution of 2.49% recorded in the third quarter of 2019, but 1.33% points lower than 4.00% recorded in Q2 2020.

In real terms, growth in this sector was estimated at 3.21% during Q3 2020, or 2.14 percentage points from the rate recorded in the third quarter, though down by –15.29% points from the rate recorded in the preceding quarter. Quarter on quarter growth in real terms stood at –25.24%.

The Finance and Insurance Sector consists of the two subsectors, Financial Institutions and Insurance, which accounted for 88.89% and 11.11% of the sector in real terms in Q3 2020.

As a whole, the sector grew at 5.91% in nominal terms (year on year), with the growth rate of Financial Institutions at 9.60% and –16.54% growth rate recorded for Insurance. The overall rate was higher than that in Q3 2019 by 2.20% points, but –14.91% points lower than the preceding quarter. Quarter on quarter, growth was -24.76%. The sector’s contribution to the overall nominal GDP was 2.46% in Q3 2020, higher than the 2.40% it represented a year prior, but lower than the contribution of 3.76 % it made in the preceding quarter.