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Banking and insurance
The Banking & Insurance sector – often referred to as the lifeblood of the real economy – is of vital importance in the modern credit-driven economic growth model. Among its functions are intermediation between savers and borrowers, ensuring funds are allocated efficiently; support of payment and settlement systems that facilitate trade and international economic relations; and provision of various products that mitigate risk and uncertainty. The accelerating pace of technological change, stricter regulation and shifting consumer habits are reshaping the traditional banking model and pushing the sector towards innovation-led growth.
Activities associated with Banking & Insurance are depositary and non-depositary credit intermediation and related activities, investment banking, securities brokerage, commodity contracts dealing and diverse financial investment activities. The sector also includes insurers, re-insurers and insurance brokerages, pension funds, health and welfare funds, monetary authorities, stock exchanges, and collection and credit agencies.
In Q3 2021, China's banking sector maintained steady growth, despite the country's GDP growth slowing down to 4.9% y/y from 7.9% in Q2. As a result, Chinese banks' profitability continued to improve during this period. After significant growth of 23 ...
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In the third quarter of 2021, China’s retail sales of consumer goods reached RMB 10,615bn, which represented a y/y increase of 5%. The strong performance of the retail sector was mainly attributed to the higher income of the country‘s ...
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In Q3 2021, China’s construction sector saw 6.5% y/y growth in total sector gross output value, amounting to RMB 7.1tn. As the government exercises caution about the ongoing global pandemic, domestic construction activities remain a crucial ...
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In Q3 2021, the sales revenue of China’s chemical sector experienced steady growth, driven by the increased market demand and the fast price rise of most chemical products. Besides benefitting from the higher prices—which greatly enhanced ...
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China’s automotive sector experienced a further decline in production and sales in Q3 2021—caused by shortages in car chips, which led manufacturers to curtail automotive production. Meanwhile, the costs of raw materials (including ...
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Poland’s insignificant oil and modest gas reserves mean the country is heavily reliant on imports to meet the ever-growing demand. Polish production of crude oil accounted for only 3.6% of demand from refineries in 2020. Domestic production of ...
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While even before the pandemic, information and communication was one of the best-performing sectors of the Indonesian economy, in 2020 its real GVA registered a 10.6% y/y growth amid a 2.1% y/y decline of the real GDP. Its value reached IDR 695.8tn, ...
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In 2020, Turkey’s insurance sector continued growing in double digits in line with the country’s positive economic development. The industry reported a compound annual growth rate (CAGR) of 21.8% in the five years to 2020, driven mainly ...
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Following a sharp downturn in Q2 2021, China’s insurance sector continued to contract in Q3. As a result, the premium income from June to September 2021 dropped by 4.0% y/y, softening compared to a contraction of 13.2% from April to ...
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