Insurance and financial services in Tuvalu
Tuvalu: Insurance and financial services was 1.9% in 2023. ◆ Volatile
Insurance and financial services in Tuvalu, 2001–2023
Source: Balance of Payments Statistics Yearbook and data files, International Monetary Fund (IMF). Measured in % of service exports, BoP.
Analysis
Tuvalu recorded 1.9% for insurance and financial services in 2023.
That represents a change of down 80.2% on the previous year and up 4.0% over ten years.
Over the whole period, insurance and financial services in Tuvalu peaked at 13.0% in 2021 and was at its lowest, 0.7%, in 2019.
Tuvalu ranks 110th of 190 countries on this measure, in the middle of the range.
The series is highly variable year to year, so single readings are best treated with caution.
Insurance and financial services in Tuvalu, year by year
| Year | % of service exports, BoP | Change |
|---|---|---|
| 2001 | 6.3% | — |
| 2002 | 5.7% | -9.6% |
| 2003 | 3.6% | -36.6% |
| 2004 | 2.1% | -40.8% |
| 2005 | 3.0% | +40.7% |
| 2006 | 3.2% | +8.2% |
| 2007 | 3.2% | -2.9% |
| 2008 | 2.5% | -20.6% |
| 2009 | 3.6% | +44.7% |
| 2010 | 2.7% | -26.0% |
| 2011 | 2.8% | +4.6% |
| 2012 | 3.1% | +12.0% |
| 2013 | 1.8% | -42.8% |
| 2014 | 1.7% | -6.0% |
| 2015 | 1.1% | -32.1% |
| 2016 | 1.0% | -8.9% |
| 2017 | 0.9% | -11.0% |
| 2018 | 0.9% | -3.4% |
| 2019 | 0.7% | -20.8% |
| 2020 | 6.5% | +809.6% |
| 2021 | 13.0% | +101.3% |
| 2022 | 9.4% | -27.7% |
| 2023 | 1.9% | -80.2% |
Tuvalu compared with similar countries
- Tuvalu's 1.9% is above the median for upper middle income countries, which is 1.8%, 1.0× the median. (53 countries reporting)
- Tuvalu's 1.9% is above the median for East Asia & Pacific, which is 1.3%, 1.4× the median. (29 countries reporting)
Biggest year-on-year movements
Years where Insurance and financial services in Tuvalu 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 |
|---|---|---|---|
| 2020 | +809.6% | 0.7% | 6.5% |
Averages by decade
| Decade | Average | Lowest | Highest | Years |
|---|---|---|---|---|
| 2000s | 3.7% | 2.1% | 6.3% | 9 |
| 2010s | 1.7% | 0.7% | 3.1% | 10 |
| 2020s | 7.7% | 1.9% | 13.0% | 4 |
Countries ranked near Tuvalu
More economy & growth data for Tuvalu
- Africa's Development Dynamics (AfDD) Table 04 - Annual real GDP 1.31 Percent per annum (2029)
- Africa's Development Dynamics (AfDD) Table 02 - Annual real GDP 1.93 Percent per annum (2029)
- Foreign direct investment, net outflows (BoP, current US$), gaps -915,228 BoP, current US$ (2021)
- Foreign direct investment, net outflows (BoP, current US$), per unit -0.0149 BoP, current US$ per US$ of GDP (2021)
- Foreign direct investment, net outflows (BoP, current US$), per capita -89.78 BoP, current US$ per person (2021)
- Foreign direct investment, net inflows (BoP, current US$), gaps filled 258,080 BoP, current US$ (2024)
- Foreign direct investment, net inflows (BoP, current US$), annual 55.2 % change on previous year (2024)
- Foreign direct investment, net inflows (BoP, current US$), per unit 0.0045 BoP, current US$ per US$ of GDP (2024)
- Foreign direct investment, net inflows (BoP, current US$), per capita 26.76 BoP, current US$ per person (2024)
- Agriculture, forestry, and fishing, value added (current LCU), annual -0.5864 % change on previous year (2015)
Frequently asked questions
- What is insurance and financial services in Tuvalu?
- Insurance and financial services in Tuvalu was 1.9% 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 Tuvalu?
- The highest recorded value was 13.0% in 2021.
- What is the lowest insurance and financial services recorded in Tuvalu?
- The lowest recorded value was 0.7% in 2019.
- How does Tuvalu rank for insurance and financial services?
- Tuvalu ranks 110th out of 190 countries with data for 2023.
- Is insurance and financial services rising or falling in Tuvalu?
- Over the last ten years it is up 4.0%. The long-run trend across the full record is volatile.
- Where does this Tuvalu 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.
Download this data
CSV · JSON — 23 observations, free to reuse under CC BY 4.0 (World Bank Open Data).
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.