Insurance and financial services in Barbados
Barbados: Insurance and financial services was 6.3% in 2017. ▲ Rising
Insurance and financial services in Barbados, 1967–2017
Source: Balance of Payments Statistics Yearbook and data files, International Monetary Fund (IMF). Measured in % of service imports, BoP.
Analysis
The most recent figure for insurance and financial services in Barbados is 6.3%, measured in 2017.
Compared with earlier readings it is down 37.9% on the previous year and up 12.2% over ten years.
Over the whole period, insurance and financial services in Barbados peaked at 10.1% in 2000 and was at its lowest, 1.3%, in 1979.
Barbados ranks 96th of 197 countries on this measure, in the middle of the range.
The long-run direction has been consistently rising across the 51 years of available data.
Insurance and financial services in Barbados, year by year
| Year | % of service imports, BoP | Change |
|---|---|---|
| 1967 | 7.8% | — |
| 1968 | 6.0% | -23.2% |
| 1969 | 5.0% | -16.9% |
| 1970 | 4.4% | -11.0% |
| 1971 | 4.2% | -5.2% |
| 1972 | 3.9% | -6.3% |
| 1973 | 3.9% | -1.6% |
| 1974 | 4.7% | +21.1% |
| 1975 | 4.5% | -4.5% |
| 1976 | 4.2% | -4.9% |
| 1977 | 3.5% | -17.1% |
| 1978 | 3.4% | -2.1% |
| 1979 | 1.3% | -62.2% |
| 1980 | 2.3% | +79.9% |
| 1981 | 2.4% | +2.0% |
| 1982 | 2.4% | +1.8% |
| 1983 | 2.5% | +1.0% |
| 1984 | 3.6% | +47.1% |
| 1985 | 3.5% | -4.2% |
| 1986 | 4.5% | +30.2% |
| 1987 | 4.8% | +5.9% |
| 1988 | 4.7% | -1.4% |
| 1989 | 5.1% | +8.4% |
| 1990 | 7.8% | +52.0% |
| 1991 | 6.6% | -14.5% |
| 1992 | 7.4% | +11.5% |
| 1993 | 7.6% | +2.3% |
| 1994 | 9.8% | +29.4% |
| 1995 | 8.7% | -11.1% |
| 1996 | 7.5% | -13.5% |
| 1997 | 6.4% | -14.4% |
| 1998 | 6.7% | +3.6% |
| 1999 | 6.7% | +0.7% |
| 2000 | 10.1% | +50.4% |
| 2001 | 6.8% | -32.5% |
| 2002 | 6.7% | -1.2% |
| 2003 | 5.6% | -17.0% |
| 2004 | 5.3% | -4.7% |
| 2005 | 5.9% | +10.8% |
| 2006 | 6.3% | +6.3% |
| 2007 | 5.6% | -11.0% |
| 2008 | 4.5% | -19.2% |
| 2009 | 4.0% | -12.2% |
| 2010 | 3.6% | -9.0% |
| 2011 | 5.4% | +50.0% |
| 2012 | 5.0% | -6.7% |
| 2013 | 4.9% | -2.4% |
| 2014 | 3.3% | -33.4% |
| 2015 | 8.1% | +148.1% |
| 2016 | 10.1% | +24.0% |
| 2017 | 6.3% | -37.9% |
Barbados compared with similar countries
- Barbados's 6.3% is above the median for high income countries, which is 6.2%, 1.0× the median. (72 countries reporting)
- Barbados's 6.3% is below the median for Latin America & Caribbean, which is 10.1%, 62% of the median. (37 countries reporting)
Biggest year-on-year movements
Years where Insurance and financial services in Barbados 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 |
|---|---|---|---|
| 2015 | +148.1% | 3.3% | 8.1% |
Averages by decade
| Decade | Average | Lowest | Highest | Years |
|---|---|---|---|---|
| 1960s | 6.2% | 5.0% | 7.8% | 3 |
| 1970s | 3.8% | 1.3% | 4.7% | 10 |
| 1980s | 3.6% | 2.3% | 5.1% | 10 |
| 1990s | 7.5% | 6.4% | 9.8% | 10 |
| 2000s | 6.1% | 4.0% | 10.1% | 10 |
| 2010s | 5.8% | 3.3% | 10.1% | 8 |
Countries ranked near Barbados
More economy & growth data for Barbados
- Africa's Development Dynamics (AfDD) Table 04 - Annual real GDP 1.99 Percent per annum (2029)
- Africa's Development Dynamics (AfDD) Table 02 - Annual real GDP 2 Percent per annum (2029)
- Foreign direct investment, net outflows (BoP, current US$), gaps 18.57 million BoP, current US$ (2024)
- Foreign direct investment, net outflows (BoP, current US$), per unit 0.0024 BoP, current US$ per US$ of GDP (2024)
- Foreign direct investment, net outflows (BoP, current US$), per capita 65.74 BoP, current US$ per person (2024)
- Foreign direct investment, net inflows (BoP, current US$), gaps filled 303.06 million BoP, current US$ (2024)
- Foreign direct investment, net inflows (BoP, current US$), annual 34.75 % change on previous year (2024)
- Foreign direct investment, net inflows (BoP, current US$), per unit 0.0399 BoP, current US$ per US$ of GDP (2024)
- Foreign direct investment, net inflows (BoP, current US$), per capita 1,073 BoP, current US$ per person (2024)
- Total reserves (includes gold, current US$), annual growth rate 2.97 % change on previous year (2024)
Frequently asked questions
- What is insurance and financial services in Barbados?
- Insurance and financial services in Barbados was 6.3% in 2017, according to Balance of Payments Statistics Yearbook and data files, International Monetary Fund (IMF).
- What is the highest insurance and financial services recorded in Barbados?
- The highest recorded value was 10.1% in 2000.
- What is the lowest insurance and financial services recorded in Barbados?
- The lowest recorded value was 1.3% in 1979.
- How does Barbados rank for insurance and financial services?
- Barbados ranks 96th out of 197 countries with data for 2017.
- Is insurance and financial services rising or falling in Barbados?
- Over the last ten years it is up 12.2%. The long-run trend across the full record is rising.
- Where does this Barbados 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 imports, BoP). Statizoid updates them automatically from the source API.
Download this data
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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 imports which are services provided by non-residents to residents.