Using data from the National Bureau of Statistics’ second quarter 2022 Gross Domestic Product report, it can be shown that the insurance sector expanded by 17.28%.
According to the research, the sector’s contribution to the overall nominal GDP in Q2 2022 was 3. 63%, up from 3. 21% the year before but down from the contribution of 3.8% in the previous quarter.
Real growth in the sector was 18.48%, up 20. 96% points from the rate seen in the second quarter of 2021 but down 4. 76% points from the rate seen in the quarter before.
According to the report, finance and insurance contributed 4.25% of the real GDP, which was 0.54% points higher than the contribution of 3. 72% recorded in the second quarter of 2021 and 0. 25% points lower than the contribution of 4.51 percent recorded in the first quarter of 2022.