Insurance and financial services in Guyana
Guyana: Insurance and financial services was 10.4% in 2023. ◆ Volatile
Insurance and financial services in Guyana, 1977–2023
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 Guyana is 10.4%, measured in 2023.
That represents a change of down 74.0% on the previous year and up 54.1% over ten years.
Over the whole period, insurance and financial services in Guyana peaked at 39.9% in 2022 and was at its lowest, 2.0%, in 1997.
That places Guyana 28th out of 190 countries with data for 2023, putting it in the top quarter.
The series is highly variable year to year, so single readings are best treated with caution.
Insurance and financial services in Guyana, year by year
| Year | % of service exports, BoP | Change |
|---|---|---|
| 1977 | 11.8% | — |
| 1978 | 11.7% | -0.9% |
| 1979 | 12.5% | +6.9% |
| 1980 | 12.4% | -0.9% |
| 1981 | 10.4% | -16.0% |
| 1982 | 9.3% | -10.5% |
| 1983 | 10.5% | +13.5% |
| 1984 | 8.9% | -15.4% |
| 1985 | 4.5% | -49.7% |
| 1996 | 3.2% | -28.5% |
| 1997 | 2.0% | -36.9% |
| 1998 | 2.9% | +42.7% |
| 1999 | 5.2% | +78.8% |
| 2000 | 9.0% | +73.7% |
| 2001 | 8.8% | -1.6% |
| 2002 | 6.8% | -23.2% |
| 2003 | 9.1% | +33.4% |
| 2004 | 4.2% | -54.0% |
| 2005 | 4.8% | +14.3% |
| 2006 | 5.0% | +5.2% |
| 2007 | 4.5% | -10.3% |
| 2008 | 12.0% | +167.2% |
| 2009 | 11.1% | -7.7% |
| 2010 | 10.9% | -1.0% |
| 2011 | 10.7% | -2.7% |
| 2012 | 11.8% | +11.1% |
| 2013 | 6.7% | -43.1% |
| 2014 | 13.8% | +105.0% |
| 2015 | 15.0% | +8.7% |
| 2016 | 5.6% | -62.7% |
| 2017 | 9.4% | +67.2% |
| 2018 | 11.6% | +23.7% |
| 2019 | 9.2% | -20.1% |
| 2020 | 15.4% | +66.6% |
| 2021 | 39.1% | +154.0% |
| 2022 | 39.9% | +2.1% |
| 2023 | 10.4% | -74.0% |
Guyana compared with similar countries
- Guyana's 10.4% is above the median for high income countries, which is 5.3%, 2.0× the median. (69 countries reporting)
- Guyana's 10.4% is above the median for Latin America & Caribbean, which is 2.7%, 3.8× the median. (35 countries reporting)
Averages by decade
| Decade | Average | Lowest | Highest | Years |
|---|---|---|---|---|
| 1970s | 12.0% | 11.7% | 12.5% | 3 |
| 1980s | 9.3% | 4.5% | 12.4% | 6 |
| 1990s | 3.3% | 2.0% | 5.2% | 4 |
| 2000s | 7.5% | 4.2% | 12.0% | 10 |
| 2010s | 10.5% | 5.6% | 15.0% | 10 |
| 2020s | 26.2% | 10.4% | 39.9% | 4 |
Countries ranked near Guyana
More economy & growth data for Guyana
- Africa's Development Dynamics (AfDD) Table 04 - Annual real GDP 11.36 Percent per annum (2029)
- Africa's Development Dynamics (AfDD) Table 02 - Annual real GDP 11.93 Percent per annum (2029)
- Foreign direct investment, net outflows (BoP, current US$), gaps 5.70 million BoP, current US$ (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$), per capita 6.86 BoP, current US$ per person (2024)
- Foreign direct investment, net inflows (BoP, current US$), gaps filled 8.63 billion BoP, current US$ (2024)
- Foreign direct investment, net inflows (BoP, current US$), annual 860.28 % change on previous year (2024)
- Foreign direct investment, net inflows (BoP, current US$), per unit 0.3499 BoP, current US$ per US$ of GDP (2024)
- Foreign direct investment, net inflows (BoP, current US$), per capita 10,383 BoP, current US$ per person (2024)
- Total reserves (includes gold, current US$), annual growth rate 34.31 % change on previous year (2025)
Frequently asked questions
- What is insurance and financial services in Guyana?
- Insurance and financial services in Guyana was 10.4% in 2023, according to Balance of Payments Statistics Yearbook and data files, International Monetary Fund (IMF).
- What is the highest insurance and financial services recorded in Guyana?
- The highest recorded value was 39.9% in 2022.
- What is the lowest insurance and financial services recorded in Guyana?
- The lowest recorded value was 2.0% in 1997.
- How does Guyana rank for insurance and financial services?
- Guyana ranks 28th out of 190 countries with data for 2023.
- Is insurance and financial services rising or falling in Guyana?
- Over the last ten years it is up 54.1%. The long-run trend across the full record is volatile.
- Where does this Guyana 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.