Third Quarter GDP: Finance and Insurance Industries Record 12.70% Growth

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Growth in the finance and insurance industries in real terms totaled 12.70% in the third quarter of 2023. This is according to a recently published report GDP report from the National Statistics Office.

The growth rate is 10.53 percentage points lower than that registered in the third quarter of 2021 and 5.78 percentage points lower than that registered in the previous quarter. Quarter-on-quarter growth in real terms stands at -10.14%.

The contribution of Finance and insurance to real GDP totaled 3.49%, higher than the contribution of 3.16% registered in the third quarter of 2021 by 0.32% points, and lower than the 4.25% registered in the second quarter of 2022 by 0.77% points.

From a broader view: In the quarter under review, aggregate GDP stood at N52.26 trillion in nominal terms. This performance is higher compared to the third quarter of 2021, which recorded an aggregate GDP of N45.11 trillion, indicating a nominal year-on-year growth rate of 15.83%.

The nominal GDP growth rate in the third quarter of 2022 was higher than the growth of 15.41% registered in the third quarter of 2021 and higher than the growth of 15.03% registered in the previous quarter.

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GDP Summary: NNigeria’s gross domestic product (GDP) grew by 2.25% (YoY) in real terms in the third quarter of 2022. This growth rate decreased from 4.03% in the third quarter of 2021.

The reduction in growth is attributable to the base effects of the recession and the challenging economic conditions that have impeded productive activities.

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The growth rate for the third quarter of 2022 decreased by 1.78% points from the growth rate of 4.03% recorded in the third quarter of 2021 and also decreased by 1.29% points, relative to 3.54 % in the second quarter of 2022. However, quarter over quarter, real GDP grew by 9.68%. in the third quarter of 2022, reflecting higher economic activity in the third quarter of 2022 than in the prior quarter.

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