Insurance and financial services in Venezuela, Bolivarian Republic of
Venezuela, Bolivarian Republic of: Insurance and financial services was 1.4% in 2016. ◆ Volatile
Insurance and financial services in Venezuela, Bolivarian Republic of, 1970–2016
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 Venezuela, Bolivarian Republic of is 1.4%, measured in 2016.
That represents a change of up 20.5% on the previous year and up 442.1% over ten years.
Over the whole period, insurance and financial services in Venezuela, Bolivarian Republic of peaked at 16.9% in 1982 and was at its lowest, 0.1%, in 2005.
That places Venezuela, Bolivarian Republic of 124th out of 190 countries with data for 2016, putting it 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 Venezuela, Bolivarian Republic of, year by year
| Year | % of service exports, BoP | Change |
|---|---|---|
| 1970 | 14.7% | — |
| 1971 | 14.1% | -3.8% |
| 1972 | 13.0% | -8.3% |
| 1973 | 9.0% | -30.6% |
| 1974 | 7.1% | -20.9% |
| 1975 | 6.2% | -13.3% |
| 1976 | 14.3% | +131.3% |
| 1977 | 10.8% | -24.4% |
| 1978 | 7.9% | -27.0% |
| 1979 | 13.2% | +67.4% |
| 1980 | 14.4% | +9.0% |
| 1981 | 10.6% | -26.2% |
| 1982 | 16.9% | +59.9% |
| 1983 | 6.0% | -64.6% |
| 1984 | 8.0% | +33.8% |
| 1985 | 3.3% | -58.6% |
| 1986 | 3.0% | -8.5% |
| 1987 | 8.6% | +182.9% |
| 1988 | 4.5% | -47.8% |
| 1989 | 1.5% | -66.6% |
| 1990 | 0.2% | -88.8% |
| 1991 | 0.1% | -51.9% |
| 1992 | 0.2% | +85.8% |
| 1993 | 0.4% | +194.0% |
| 1994 | 0.3% | -29.0% |
| 1995 | 0.1% | -62.3% |
| 1996 | 0.1% | +6.1% |
| 1997 | 0.5% | +321.7% |
| 1998 | 0.4% | -34.0% |
| 1999 | 0.1% | -57.9% |
| 2000 | 0.3% | +71.5% |
| 2001 | 0.1% | -42.7% |
| 2002 | 0.1% | -32.2% |
| 2003 | 0.2% | +130.6% |
| 2004 | 0.2% | -21.1% |
| 2005 | 0.1% | -58.5% |
| 2006 | 0.3% | +247.8% |
| 2007 | 1.3% | +417.7% |
| 2008 | 1.3% | -4.3% |
| 2009 | 1.4% | +5.6% |
| 2010 | 0.7% | -48.0% |
| 2011 | 0.7% | -3.3% |
| 2012 | 0.6% | -11.5% |
| 2013 | 0.8% | +35.0% |
| 2014 | 0.9% | +9.8% |
| 2015 | 1.2% | +30.3% |
| 2016 | 1.4% | +20.5% |
Venezuela, Bolivarian Republic of compared with similar countries
- Venezuela, Bolivarian Republic of's 1.4% is below the median for lower middle income countries, which is 1.6%, 85% of the median. (46 countries reporting)
- Venezuela, Bolivarian Republic of's 1.4% is below the median for Latin America & Caribbean, which is 2.7%, 52% of the median. (35 countries reporting)
Biggest year-on-year movements
Years where Insurance and financial services in Venezuela, Bolivarian Republic of 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 |
|---|---|---|---|
| 2007 | +417.7% | 0.3% | 1.3% |
Averages by decade
| Decade | Average | Lowest | Highest | Years |
|---|---|---|---|---|
| 1970s | 11.0% | 6.2% | 14.7% | 10 |
| 1980s | 7.7% | 1.5% | 16.9% | 10 |
| 1990s | 0.2% | 0.1% | 0.5% | 10 |
| 2000s | 0.5% | 0.1% | 1.4% | 10 |
| 2010s | 0.9% | 0.6% | 1.4% | 7 |
Countries ranked near Venezuela, Bolivarian Republic of
More economy & growth data for Venezuela, Bolivarian Republic of
- Africa's Development Dynamics (AfDD) Table 04 - Annual real GDP 1.36 Percent per annum (2025)
- Africa's Development Dynamics (AfDD) Table 02 - Annual real GDP 3.19 Percent per annum (2025)
- Foreign direct investment, net outflows (BoP, current US$), gaps 2.60 billion BoP, current US$ (2024)
- Foreign direct investment, net outflows (BoP, current US$), per unit 0.0216 BoP, current US$ per US$ of GDP (2024)
- Foreign direct investment, net outflows (BoP, current US$), per capita 91.64 BoP, current US$ per person (2024)
- Foreign direct investment, net inflows (BoP, current US$), gaps filled 1.63 billion BoP, current US$ (2024)
- Foreign direct investment, net inflows (BoP, current US$), annual -99.45 % change on previous year (2023)
- Foreign direct investment, net inflows (BoP, current US$), per unit 0.0135 BoP, current US$ per US$ of GDP (2024)
- Foreign direct investment, net inflows (BoP, current US$), per capita 57.47 BoP, current US$ per person (2024)
- Total reserves (includes gold, current US$), annual growth rate -3.51 % change on previous year (2017)
Frequently asked questions
- What is insurance and financial services in Venezuela, Bolivarian Republic of?
- Insurance and financial services in Venezuela, Bolivarian Republic of was 1.4% in 2016, according to Balance of Payments Statistics Yearbook and data files, International Monetary Fund (IMF).
- What is the highest insurance and financial services recorded in Venezuela, Bolivarian Republic of?
- The highest recorded value was 16.9% in 1982.
- What is the lowest insurance and financial services recorded in Venezuela, Bolivarian Republic of?
- The lowest recorded value was 0.1% in 2005.
- How does Venezuela, Bolivarian Republic of rank for insurance and financial services?
- Venezuela, Bolivarian Republic of ranks 124th out of 190 countries with data for 2016.
- Is insurance and financial services rising or falling in Venezuela, Bolivarian Republic of?
- Over the last ten years it is up 442.1%. The long-run trend across the full record is volatile.
- Where does this Venezuela, Bolivarian Republic of 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 — 47 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.