Insurance and financial services in Lao People's Democratic Republic
Lao People's Democratic Republic: Insurance and financial services was 2.1% in 2024. ◆ Volatile
Insurance and financial services in Lao People's Democratic Republic, 1984–2024
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 Lao People's Democratic Republic is 2.1%, measured in 2024.
The figure is down 4.1% on the previous year and up 90.2% over ten years.
Over the whole period, insurance and financial services in Lao People's Democratic Republic peaked at 10.5% in 2008 and was at its lowest, -36.8%, in 2007.
That places Lao People's Democratic Republic 174th out of 197 countries with data for 2024, putting it in the bottom quarter.
The series is highly variable year to year, so single readings are best treated with caution.
Insurance and financial services in Lao People's Democratic Republic, year by year
| Year | % of service imports, BoP | Change |
|---|---|---|
| 1984 | 0.5% | — |
| 1985 | 4.0% | +659.5% |
| 1986 | 4.7% | +19.5% |
| 1987 | 5.0% | +5.3% |
| 1988 | 4.9% | -2.4% |
| 1989 | 6.6% | +35.3% |
| 1990 | 6.1% | -8.0% |
| 1991 | 4.0% | -34.1% |
| 1992 | 3.9% | -1.6% |
| 1993 | 5.7% | +44.3% |
| 1994 | 0.7% | -88.4% |
| 1995 | 3.9% | +487.9% |
| 1996 | 4.6% | +19.1% |
| 1997 | 2.4% | -48.1% |
| 1998 | 2.5% | +5.0% |
| 2001 | -2.6% | -201.7% |
| 2002 | -6.2% | +142.7% |
| 2003 | -15.2% | +145.0% |
| 2004 | -15.3% | +1.0% |
| 2005 | -22.3% | +45.3% |
| 2006 | -33.0% | +48.3% |
| 2007 | -36.8% | +11.3% |
| 2008 | 10.5% | -128.5% |
| 2009 | 8.1% | -22.8% |
| 2010 | 5.0% | -38.1% |
| 2011 | 10.1% | +102.1% |
| 2012 | 4.5% | -55.9% |
| 2013 | 5.0% | +12.4% |
| 2014 | 1.1% | -78.1% |
| 2015 | 2.0% | +78.2% |
| 2016 | 1.2% | -40.9% |
| 2017 | 3.6% | +208.1% |
| 2018 | 2.9% | -18.6% |
| 2019 | 3.5% | +22.2% |
| 2020 | 3.6% | +2.8% |
| 2021 | 7.4% | +102.7% |
| 2022 | 3.5% | -53.0% |
| 2023 | 2.2% | -37.3% |
| 2024 | 2.1% | -4.1% |
Lao People's Democratic Republic compared with similar countries
- Lao People's Democratic Republic's 2.1% is below the median for lower middle income countries, which is 6.5%, 32% of the median. (47 countries reporting)
- Lao People's Democratic Republic's 2.1% is below the median for East Asia & Pacific, which is 4.9%, 42% of the median. (32 countries reporting)
Biggest year-on-year movements
Years where Insurance and financial services in Lao People's Democratic Republic 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 |
|---|---|---|---|
| 1985 | +659.5% | 0.5% | 4.0% |
| 1995 | +487.9% | 0.7% | 3.9% |
Averages by decade
| Decade | Average | Lowest | Highest | Years |
|---|---|---|---|---|
| 1980s | 4.3% | 0.5% | 6.6% | 6 |
| 1990s | 3.7% | 0.7% | 6.1% | 9 |
| 2000s | -12.5% | -36.8% | 10.5% | 9 |
| 2010s | 3.9% | 1.1% | 10.1% | 10 |
| 2020s | 3.8% | 2.1% | 7.4% | 5 |
Countries ranked near Lao People's Democratic Republic
More economy & growth data for Lao People's Democratic Republic
- Africa's Development Dynamics (AfDD) Table 04 - Annual real GDP 3.39 Percent per annum (2029)
- Africa's Development Dynamics (AfDD) Table 02 - Annual real GDP 4.6 Percent per annum (2029)
- Foreign direct investment, net outflows (BoP, current US$), gaps 6,670 BoP, current US$ (2022)
- Foreign direct investment, net outflows (BoP, current US$), per unit 0 BoP, current US$ per US$ of GDP (2022)
- Foreign direct investment, net outflows (BoP, current US$), per capita 0.0009 BoP, current US$ per person (2022)
- Foreign direct investment, net inflows (BoP, current US$), gaps filled 988.46 million BoP, current US$ (2024)
- Foreign direct investment, net inflows (BoP, current US$), annual -44.51 % change on previous year (2024)
- Foreign direct investment, net inflows (BoP, current US$), per unit 0.0599 BoP, current US$ per US$ of GDP (2024)
- Foreign direct investment, net inflows (BoP, current US$), per capita 127.22 BoP, current US$ per person (2024)
- Total reserves (includes gold, current US$), annual growth rate 25.05 % change on previous year (2024)
Frequently asked questions
- What is insurance and financial services in Lao People's Democratic Republic?
- Insurance and financial services in Lao People's Democratic Republic was 2.1% 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 Lao People's Democratic Republic?
- The highest recorded value was 10.5% in 2008.
- What is the lowest insurance and financial services recorded in Lao People's Democratic Republic?
- The lowest recorded value was -36.8% in 2007.
- How does Lao People's Democratic Republic rank for insurance and financial services?
- Lao People's Democratic Republic ranks 174th out of 197 countries with data for 2024.
- Is insurance and financial services rising or falling in Lao People's Democratic Republic?
- Over the last ten years it is up 90.2%. The long-run trend across the full record is volatile.
- Where does this Lao People's Democratic Republic 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 — 39 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.