Insurance and financial services in Guinea
Guinea: Insurance and financial services was 7.9% in 2024. ◆ Volatile
Insurance and financial services in Guinea, 1986–2024
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 Guinea is 7.9%, measured in 2024.
Compared with earlier readings it is up 9.2% on the previous year and down 3.5% over ten years.
Over the whole period, insurance and financial services in Guinea peaked at 18.8% in 2015 and was at its lowest, 1.8%, in 1999.
That places Guinea 72nd out of 197 countries with data for 2024, 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 Guinea, year by year
| Year | % of service imports, BoP | Change |
|---|---|---|
| 1986 | 5.9% | — |
| 1987 | 4.5% | -25.1% |
| 1988 | 3.8% | -14.2% |
| 1989 | 3.5% | -8.0% |
| 1990 | 3.6% | +3.4% |
| 1991 | 3.1% | -15.9% |
| 1992 | 2.7% | -10.8% |
| 1993 | 2.8% | +1.7% |
| 1994 | 7.1% | +157.9% |
| 1995 | 4.7% | -34.9% |
| 1996 | 6.4% | +36.6% |
| 1997 | 2.1% | -66.4% |
| 1998 | 2.2% | +4.4% |
| 1999 | 1.8% | -17.3% |
| 2000 | 2.5% | +34.2% |
| 2001 | 2.2% | -10.6% |
| 2002 | 2.8% | +25.3% |
| 2003 | 6.1% | +120.8% |
| 2004 | 8.8% | +43.2% |
| 2005 | 3.1% | -65.0% |
| 2006 | 9.9% | +223.1% |
| 2007 | 4.8% | -51.6% |
| 2008 | 3.4% | -28.8% |
| 2009 | 7.8% | +127.9% |
| 2010 | 6.8% | -11.9% |
| 2011 | 7.3% | +7.1% |
| 2012 | 5.3% | -27.3% |
| 2013 | 6.6% | +24.1% |
| 2014 | 8.2% | +24.5% |
| 2015 | 18.8% | +128.0% |
| 2016 | 14.5% | -22.4% |
| 2017 | 12.8% | -11.7% |
| 2018 | 10.2% | -20.5% |
| 2019 | 11.7% | +14.6% |
| 2020 | 4.2% | -63.8% |
| 2021 | 12.9% | +205.6% |
| 2022 | 17.3% | +34.1% |
| 2023 | 7.3% | -58.1% |
| 2024 | 7.9% | +9.2% |
Guinea compared with similar countries
- Guinea's 7.9% is above the median for lower middle income countries, which is 6.5%, 1.2× the median. (47 countries reporting)
- Guinea's 7.9% is above the median for Sub-Saharan Africa, which is 6.5%, 1.2× the median. (45 countries reporting)
Averages by decade
| Decade | Average | Lowest | Highest | Years |
|---|---|---|---|---|
| 1980s | 4.4% | 3.5% | 5.9% | 4 |
| 1990s | 3.7% | 1.8% | 7.1% | 10 |
| 2000s | 5.1% | 2.2% | 9.9% | 10 |
| 2010s | 10.2% | 5.3% | 18.8% | 10 |
| 2020s | 9.9% | 4.2% | 17.3% | 5 |
Countries ranked near Guinea
More economy & growth data for Guinea
- Africa's Development Dynamics (AfDD) Table 04 - Annual real GDP 3.36 Percent per annum (2029)
- Africa's Development Dynamics (AfDD) Table 02 - Annual real GDP 5.64 Percent per annum (2029)
- Foreign direct investment, net outflows (BoP, current US$), gaps 30,000 BoP, current US$ (2024)
- Foreign direct investment, net outflows (BoP, current US$), per unit 0 BoP, current US$ per US$ of GDP (2024)
- Foreign direct investment, net outflows (BoP, current US$), per capita 0.002 BoP, current US$ per person (2024)
- Foreign direct investment, net inflows (BoP, current US$), gaps filled 1.40 billion BoP, current US$ (2024)
- Foreign direct investment, net inflows (BoP, current US$), annual 6.61 % change on previous year (2024)
- Foreign direct investment, net inflows (BoP, current US$), per unit 0.0561 BoP, current US$ per US$ of GDP (2024)
- Foreign direct investment, net inflows (BoP, current US$), per capita 95.01 BoP, current US$ per person (2024)
- Total reserves (includes gold, current US$), annual growth rate -28.7 % change on previous year (2024)
Frequently asked questions
- What is insurance and financial services in Guinea?
- Insurance and financial services in Guinea was 7.9% 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 Guinea?
- The highest recorded value was 18.8% in 2015.
- What is the lowest insurance and financial services recorded in Guinea?
- The lowest recorded value was 1.8% in 1999.
- How does Guinea rank for insurance and financial services?
- Guinea ranks 72nd out of 197 countries with data for 2024.
- Is insurance and financial services rising or falling in Guinea?
- Over the last ten years it is down 3.5%. The long-run trend across the full record is volatile.
- Where does this Guinea 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.
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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.