Insurance and financial services in Guyana
Guyana: Insurance and financial services was 1.2% in 2023. ▼ Falling
Insurance and financial services in Guyana, 1977–2023
Source: Balance of Payments Statistics Yearbook and data files, International Monetary Fund (IMF). Measured in % of service imports, BoP.
Analysis
Guyana recorded 1.2% for insurance and financial services in 2023.
The figure is up 4.5% on the previous year and down 89.7% over ten years.
Over the whole period, insurance and financial services in Guyana peaked at 15.4% in 2003 and was at its lowest, 1.1%, in 2022.
Guyana ranks 191st of 197 countries on this measure, in the bottom quarter.
The long-run direction has been consistently falling across the 41 years of available data.
Insurance and financial services in Guyana, year by year
| Year | % of service imports, BoP | Change |
|---|---|---|
| 1977 | 10.8% | — |
| 1978 | 10.9% | +1.1% |
| 1979 | 10.8% | -0.7% |
| 1980 | 11.8% | +9.4% |
| 1981 | 13.5% | +13.9% |
| 1982 | 10.8% | -20.2% |
| 1983 | 10.4% | -3.1% |
| 1984 | 7.6% | -27.5% |
| 1985 | 6.5% | -13.6% |
| 1992 | 3.2% | -51.5% |
| 1993 | 3.3% | +3.1% |
| 1994 | 3.1% | -4.1% |
| 1995 | 3.1% | -0.2% |
| 1996 | 6.6% | +112.2% |
| 1997 | 11.8% | +78.2% |
| 1998 | 5.2% | -55.7% |
| 1999 | 10.1% | +93.1% |
| 2000 | 9.3% | -7.8% |
| 2001 | 10.7% | +14.4% |
| 2002 | 12.0% | +12.6% |
| 2003 | 15.4% | +28.3% |
| 2004 | 9.5% | -38.3% |
| 2005 | 10.3% | +8.5% |
| 2006 | 8.9% | -14.1% |
| 2007 | 8.4% | -5.4% |
| 2008 | 10.6% | +26.7% |
| 2009 | 8.3% | -21.6% |
| 2010 | 9.0% | +8.3% |
| 2011 | 9.0% | -0.2% |
| 2012 | 9.9% | +9.7% |
| 2013 | 11.3% | +14.4% |
| 2014 | 12.6% | +11.4% |
| 2015 | 11.9% | -5.6% |
| 2016 | 14.9% | +25.7% |
| 2017 | 9.0% | -39.9% |
| 2018 | 6.1% | -32.5% |
| 2019 | 5.4% | -11.6% |
| 2020 | 2.2% | -59.3% |
| 2021 | 3.4% | +56.6% |
| 2022 | 1.1% | -67.3% |
| 2023 | 1.2% | +4.5% |
Guyana compared with similar countries
- Guyana's 1.2% is below the median for high income countries, which is 6.2%, 19% of the median. (72 countries reporting)
- Guyana's 1.2% is below the median for Latin America & Caribbean, which is 10.1%, 12% of the median. (37 countries reporting)
Averages by decade
| Decade | Average | Lowest | Highest | Years |
|---|---|---|---|---|
| 1970s | 10.8% | 10.8% | 10.9% | 3 |
| 1980s | 10.1% | 6.5% | 13.5% | 6 |
| 1990s | 5.8% | 3.1% | 11.8% | 8 |
| 2000s | 10.3% | 8.3% | 15.4% | 10 |
| 2010s | 9.9% | 5.4% | 14.9% | 10 |
| 2020s | 2.0% | 1.1% | 3.4% | 4 |
Countries ranked near Guyana
- 188 Madagascar 1.4% compare
- 189 Chad 1.3% compare
- 190 Afghanistan 1.3% compare
- 192 North Macedonia 1.1% compare
- 193 Niger 1.0% compare
- 194 South Sudan 0.9% compare
More economy & growth data for Guyana
- Africa's Development Dynamics (AfDD) Table 04 - Annual real GDP 11.36 Percent per annum (2029)
- Africa's Development Dynamics (AfDD) Table 02 - Annual real GDP 11.93 Percent per annum (2029)
- Foreign direct investment, net outflows (BoP, current US$), gaps 5.70 million BoP, current US$ (2024)
- Foreign direct investment, net outflows (BoP, current US$), per unit 0.0002 BoP, current US$ per US$ of GDP (2024)
- Foreign direct investment, net outflows (BoP, current US$), per capita 6.86 BoP, current US$ per person (2024)
- Foreign direct investment, net inflows (BoP, current US$), gaps filled 8.63 billion BoP, current US$ (2024)
- Foreign direct investment, net inflows (BoP, current US$), annual 860.28 % change on previous year (2024)
- Foreign direct investment, net inflows (BoP, current US$), per unit 0.3499 BoP, current US$ per US$ of GDP (2024)
- Foreign direct investment, net inflows (BoP, current US$), per capita 10,383 BoP, current US$ per person (2024)
- Total reserves (includes gold, current US$), annual growth rate 34.31 % change on previous year (2025)
Frequently asked questions
- What is insurance and financial services in Guyana?
- Insurance and financial services in Guyana was 1.2% 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 Guyana?
- The highest recorded value was 15.4% in 2003.
- What is the lowest insurance and financial services recorded in Guyana?
- The lowest recorded value was 1.1% in 2022.
- How does Guyana rank for insurance and financial services?
- Guyana ranks 191st out of 197 countries with data for 2023.
- Is insurance and financial services rising or falling in Guyana?
- Over the last ten years it is down 89.7%. The long-run trend across the full record is falling.
- Where does this Guyana 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.