Insurance and financial services in Gambia
Gambia: Insurance and financial services was 19.8% in 2024. ▲ Rising
Insurance and financial services in Gambia, 1978–2024
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 Gambia is 19.8%, measured in 2024. That is the highest value across all 42 years on record.
That represents a change of up 9.2% on the previous year and up 103.7% over ten years.
Over the whole period, insurance and financial services in Gambia peaked at 19.8% in 2024 and was at its lowest, 3.8%, in 1987.
That places Gambia 6th out of 197 countries with data for 2024, putting it in the top 10%.
The long-run direction has been consistently rising across the 42 years of available data.
Insurance and financial services in Gambia, year by year
| Year | % of service imports, BoP | Change |
|---|---|---|
| 1978 | 6.9% | — |
| 1979 | 5.6% | -18.4% |
| 1980 | 7.4% | +31.4% |
| 1981 | 6.9% | -7.4% |
| 1982 | 5.8% | -15.4% |
| 1983 | 6.7% | +15.6% |
| 1984 | 8.5% | +27.0% |
| 1985 | 8.6% | +0.9% |
| 1986 | 8.7% | +1.7% |
| 1987 | 3.8% | -56.0% |
| 1988 | 3.9% | +2.6% |
| 1989 | 4.5% | +12.7% |
| 1990 | 6.1% | +36.2% |
| 1991 | 4.6% | -24.0% |
| 1992 | 4.8% | +3.6% |
| 1993 | 4.7% | -1.5% |
| 1994 | 4.4% | -5.7% |
| 1995 | 3.9% | -11.6% |
| 1996 | 4.7% | +20.1% |
| 1997 | 4.6% | -1.6% |
| 2003 | 9.9% | +113.5% |
| 2004 | 10.3% | +4.6% |
| 2005 | 10.8% | +4.0% |
| 2006 | 5.4% | -50.1% |
| 2007 | 7.7% | +43.5% |
| 2008 | 8.0% | +3.8% |
| 2009 | 7.4% | -8.0% |
| 2010 | 7.2% | -2.2% |
| 2011 | 10.7% | +48.9% |
| 2012 | 12.4% | +15.7% |
| 2013 | 12.1% | -2.4% |
| 2014 | 9.7% | -19.6% |
| 2015 | 12.6% | +29.6% |
| 2016 | 12.1% | -4.0% |
| 2017 | 12.0% | -0.3% |
| 2018 | 11.8% | -1.7% |
| 2019 | 11.5% | -3.0% |
| 2020 | 12.3% | +7.3% |
| 2021 | 11.7% | -5.2% |
| 2022 | 11.7% | +0.3% |
| 2023 | 18.1% | +54.6% |
| 2024 | 19.8% | +9.2% |
Gambia compared with similar countries
- Gambia's 19.8% is above the median for low income countries, which is 4.1%, 4.8× the median. (22 countries reporting)
- Gambia's 19.8% is above the median for Sub-Saharan Africa, which is 6.5%, 3.1× the median. (45 countries reporting)
Biggest year-on-year movements
Years where Insurance and financial services in Gambia 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 |
|---|---|---|---|
| 2003 | +113.5% | 4.6% | 9.9% |
Averages by decade
| Decade | Average | Lowest | Highest | Years |
|---|---|---|---|---|
| 1970s | 6.3% | 5.6% | 6.9% | 2 |
| 1980s | 6.5% | 3.8% | 8.7% | 10 |
| 1990s | 4.7% | 3.9% | 6.1% | 8 |
| 2000s | 8.5% | 5.4% | 10.8% | 7 |
| 2010s | 11.2% | 7.2% | 12.6% | 10 |
| 2020s | 14.7% | 11.7% | 19.8% | 5 |
Countries ranked near Gambia
- 3 Cayman Islands 30.2% compare
- 4 Libya 25.6% compare
- 5 Macao 21.3% compare
- 7 United States 19.7% compare
- 8 Tajikistan 19.1% compare
- 9 Iraq 19.1% compare
More economy & growth data for Gambia
- Africa's Development Dynamics (AfDD) Table 04 - Annual real GDP 2.69 Percent per annum (2029)
- Africa's Development Dynamics (AfDD) Table 02 - Annual real GDP 5.02 Percent per annum (2029)
- Foreign direct investment, net outflows (BoP, current US$), gaps -665,150 BoP, current US$ (2024)
- Foreign direct investment, net outflows (BoP, current US$), per unit -0.0003 BoP, current US$ per US$ of GDP (2024)
- Foreign direct investment, net outflows (BoP, current US$), per capita -0.241 BoP, current US$ per person (2024)
- Foreign direct investment, net inflows (BoP, current US$), gaps filled 232.36 million BoP, current US$ (2024)
- Foreign direct investment, net inflows (BoP, current US$), annual 13.05 % change on previous year (2024)
- Foreign direct investment, net inflows (BoP, current US$), per unit 0.0966 BoP, current US$ per US$ of GDP (2024)
- Foreign direct investment, net inflows (BoP, current US$), per capita 84.19 BoP, current US$ per person (2024)
- Total reserves (includes gold, current US$), annual growth rate 8.98 % change on previous year (2024)
Frequently asked questions
- What is insurance and financial services in Gambia?
- Insurance and financial services in Gambia was 19.8% 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 Gambia?
- The highest recorded value was 19.8% in 2024.
- What is the lowest insurance and financial services recorded in Gambia?
- The lowest recorded value was 3.8% in 1987.
- How does Gambia rank for insurance and financial services?
- Gambia ranks 6th out of 197 countries with data for 2024.
- Is insurance and financial services rising or falling in Gambia?
- Over the last ten years it is up 103.7%. The long-run trend across the full record is rising.
- Where does this Gambia 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
CSV · JSON — 42 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 imports which are services provided by non-residents to residents.