Insurance and financial services in Guinea-Bissau
Guinea-Bissau: Insurance and financial services was 20.7% in 2024. ◆ Volatile
Insurance and financial services in Guinea-Bissau, 2001–2024
Source: Balance of Payments Statistics Yearbook and data files, International Monetary Fund (IMF). Measured in % of service exports, BoP.
Analysis
The most recent figure for insurance and financial services in Guinea-Bissau is 20.7%, measured in 2024.
Compared with earlier readings it is up 49.3% on the previous year and up 763.0% over ten years.
Over the whole period, insurance and financial services in Guinea-Bissau peaked at 21.5% in 2020 and was at its lowest, 0.4%, in 2011.
Guinea-Bissau ranks 11th of 190 countries on this measure, in the top 10%.
The series is highly variable year to year, so single readings are best treated with caution.
Insurance and financial services in Guinea-Bissau, year by year
| Year | % of service exports, BoP | Change |
|---|---|---|
| 2001 | 1.7% | — |
| 2002 | 9.9% | +490.9% |
| 2003 | 12.4% | +25.0% |
| 2004 | 14.7% | +18.3% |
| 2006 | 4.3% | -70.8% |
| 2007 | 4.3% | -0.4% |
| 2008 | 0.6% | -85.1% |
| 2009 | 8.8% | +1268.8% |
| 2010 | 10.3% | +17.6% |
| 2011 | 0.4% | -96.0% |
| 2012 | 1.6% | +291.7% |
| 2013 | 1.5% | -5.7% |
| 2014 | 2.4% | +59.0% |
| 2015 | 7.1% | +197.2% |
| 2016 | 5.7% | -19.4% |
| 2017 | 7.8% | +36.0% |
| 2018 | 8.6% | +9.9% |
| 2019 | 8.6% | -0.1% |
| 2020 | 21.5% | +150.7% |
| 2021 | 13.6% | -36.9% |
| 2022 | 13.7% | +1.2% |
| 2023 | 13.8% | +0.8% |
| 2024 | 20.7% | +49.3% |
Guinea-Bissau compared with similar countries
- Guinea-Bissau's 20.7% is above the median for low income countries, which is 2.5%, 8.3× the median. (21 countries reporting)
- Guinea-Bissau's 20.7% is above the median for Sub-Saharan Africa, which is 3.1%, 6.7× the median. (45 countries reporting)
Biggest year-on-year movements
Years where Insurance and financial services in Guinea-Bissau changed far more than this series normally does. A large move can be a real event or a change in how the figure was measured — the source note below says who published it.
| Year | Change | From | To |
|---|---|---|---|
| 2009 | +1268.8% | 0.6% | 8.8% |
| 2002 | +490.9% | 1.7% | 9.9% |
Averages by decade
| Decade | Average | Lowest | Highest | Years |
|---|---|---|---|---|
| 2000s | 7.1% | 0.6% | 14.7% | 8 |
| 2010s | 5.4% | 0.4% | 10.3% | 10 |
| 2020s | 16.7% | 13.6% | 21.5% | 5 |
Countries ranked near Guinea-Bissau
- 8 United Kingdom of Great Britain and Northern Ireland 25.0% compare
- 9 Nigeria 22.8% compare
- 10 Switzerland 21.0% compare
- 12 United States of America 19.8% compare
- 13 Cyprus 19.6% compare
- 14 Bermuda 19.3% compare
More economy & growth data for Guinea-Bissau
- Africa's Development Dynamics (AfDD) Table 04 - Annual real GDP 2.42 Percent per annum (2029)
- Africa's Development Dynamics (AfDD) Table 02 - Annual real GDP 4.5 Percent per annum (2029)
- Foreign direct investment, net outflows (BoP, current US$), gaps 389,069 BoP, current US$ (2024)
- Foreign direct investment, net outflows (BoP, current US$), per unit 0.0002 BoP, current US$ per US$ of GDP (2024)
- Foreign direct investment, net outflows (BoP, current US$), per capita 0.1767 BoP, current US$ per person (2024)
- Foreign direct investment, net inflows (BoP, current US$), gaps filled 26.65 million BoP, current US$ (2024)
- Foreign direct investment, net inflows (BoP, current US$), annual 6.04 % change on previous year (2024)
- Foreign direct investment, net inflows (BoP, current US$), per unit 0.0121 BoP, current US$ per US$ of GDP (2024)
- Foreign direct investment, net inflows (BoP, current US$), per capita 12.11 BoP, current US$ per person (2024)
- General government final consumption expenditure (current US$) 8.88 % change on previous year (2025)
Frequently asked questions
- What is insurance and financial services in Guinea-Bissau?
- Insurance and financial services in Guinea-Bissau was 20.7% in 2024, according to Balance of Payments Statistics Yearbook and data files, International Monetary Fund (IMF).
- What is the highest insurance and financial services recorded in Guinea-Bissau?
- The highest recorded value was 21.5% in 2020.
- What is the lowest insurance and financial services recorded in Guinea-Bissau?
- The lowest recorded value was 0.4% in 2011.
- How does Guinea-Bissau rank for insurance and financial services?
- Guinea-Bissau ranks 11th out of 190 countries with data for 2024.
- Is insurance and financial services rising or falling in Guinea-Bissau?
- Over the last ten years it is up 763.0%. The long-run trend across the full record is volatile.
- Where does this Guinea-Bissau data come from?
- The figures come from Balance of Payments Statistics Yearbook and data files, International Monetary Fund (IMF), published as part of Insurance and financial services (% of service exports, BoP). Statizoid updates them automatically from the source API.
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About this data
Insurance and financial services cover various types of insurance provided to nonresidents by resident insurance enterprises and vice versa, and financial intermediary and auxiliary services (except those of insurance enterprises and pension funds) exchanged between residents and nonresidents. This indicator is expressed as a percentage of service exports which are services provided by residents to non-residents.