Banking Institutions push growth of Financial Intermediation
The Financial Intermediation sector grew in the first quarter of 2017 by
7.4 percent. This was lower than the 9.7 percent growth recorded last year. The performance was largely due to Banks and Non-Banking financial institutions which grew by 9.7 percent and 4.4 percent, respectively. Likewise, Insurance grew by 6.1 percent growth and Activities Auxiliary to Financial Intermediation posted 5.6 percent growth this quarter as compared with the previous year growth of 10.9 percent and 11.2 percent, respectively.