Insurance and financial services in Latvia
Latvia: Insurance and financial services was 3.0% in 2025. ▼ Falling
Insurance and financial services in Latvia, 1992–2025
Source: Balance of Payments Statistics Yearbook and data files, International Monetary Fund (IMF). Measured in % of service imports, BoP.
Analysis
In 2025, insurance and financial services in Latvia stood at 3.0%.
Compared with earlier readings it is up 23.4% on the previous year and down 60.5% over ten years.
Over the whole period, insurance and financial services in Latvia peaked at 10.1% in 2011 and was at its lowest, 2.5%, in 2024.
That places Latvia 155th out of 197 countries with data for 2025, putting it in the bottom quarter.
The long-run direction has been consistently falling across the 26 years of available data.
Insurance and financial services in Latvia, year by year
| Year | % of service imports, BoP | Change |
|---|---|---|
| 1992 | 3.7% | — |
| 1993 | 5.7% | +55.9% |
| 1994 | 9.1% | +59.3% |
| 1995 | 6.4% | -29.5% |
| 1996 | 4.2% | -34.1% |
| 1997 | 3.2% | -24.9% |
| 1998 | 9.2% | +189.5% |
| 1999 | 8.0% | -13.0% |
| 2008 | 7.1% | -10.8% |
| 2009 | 9.1% | +28.4% |
| 2010 | 9.2% | +1.1% |
| 2011 | 10.1% | +9.4% |
| 2012 | 8.8% | -12.9% |
| 2013 | 9.7% | +10.4% |
| 2014 | 7.7% | -20.7% |
| 2015 | 7.7% | -0.3% |
| 2016 | 6.9% | -10.6% |
| 2017 | 7.1% | +4.0% |
| 2018 | 5.2% | -26.4% |
| 2019 | 4.5% | -13.9% |
| 2020 | 5.4% | +20.4% |
| 2021 | 3.3% | -39.2% |
| 2022 | 3.2% | -3.1% |
| 2023 | 3.3% | +3.3% |
| 2024 | 2.5% | -25.7% |
| 2025 | 3.0% | +23.4% |
Latvia compared with similar countries
- Latvia's 3.0% is below the median for high income countries, which is 6.2%, 49% of the median. (72 countries reporting)
- Latvia's 3.0% is below the median for Europe & Central Asia, which is 5.2%, 59% of the median. (51 countries reporting)
Biggest year-on-year movements
Years where Insurance and financial services in Latvia 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 |
|---|---|---|---|
| 1998 | +189.5% | 3.2% | 9.2% |
Averages by decade
| Decade | Average | Lowest | Highest | Years |
|---|---|---|---|---|
| 1990s | 6.2% | 3.2% | 9.2% | 8 |
| 2000s | 8.1% | 7.1% | 9.1% | 2 |
| 2010s | 7.7% | 4.5% | 10.1% | 10 |
| 2020s | 3.5% | 2.5% | 5.4% | 6 |
Countries ranked near Latvia
More economy & growth data for Latvia
- Foreign direct investment, net outflows (BoP, current US$), gaps 317.22 million BoP, current US$ (2025)
- Foreign direct investment, net outflows (BoP, current US$), per unit 0.0065 BoP, current US$ per US$ of GDP (2025)
- Foreign direct investment, net outflows (BoP, current US$), per capita 171.67 BoP, current US$ per person (2025)
- Foreign direct investment, net inflows (BoP, current US$), gaps filled 243.70 million BoP, current US$ (2025)
- Foreign direct investment, net inflows (BoP, current US$), annual -83.9 % change on previous year (2025)
- Foreign direct investment, net inflows (BoP, current US$), per unit 0.005 BoP, current US$ per US$ of GDP (2025)
- Foreign direct investment, net inflows (BoP, current US$), per capita 131.89 BoP, current US$ per person (2025)
- Total reserves (includes gold, current US$), annual growth rate 18.65 % change on previous year (2025)
- Total reserves (includes gold, current US$), per unit of GDP 0.1255 includes gold, current US$ per US$ of GDP (2025)
- Total reserves (includes gold, current US$), per capita 3,301 includes gold, current US$ per person (2025)
Frequently asked questions
- What is insurance and financial services in Latvia?
- Insurance and financial services in Latvia was 3.0% in 2025, according to Balance of Payments Statistics Yearbook and data files, International Monetary Fund (IMF).
- What is the highest insurance and financial services recorded in Latvia?
- The highest recorded value was 10.1% in 2011.
- What is the lowest insurance and financial services recorded in Latvia?
- The lowest recorded value was 2.5% in 2024.
- How does Latvia rank for insurance and financial services?
- Latvia ranks 155th out of 197 countries with data for 2025.
- Is insurance and financial services rising or falling in Latvia?
- Over the last ten years it is down 60.5%. The long-run trend across the full record is falling.
- Where does this Latvia 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.