Insurance and financial services in Senegal
Senegal: Insurance and financial services was 6.5% in 2023. ▲ Rising
Insurance and financial services in Senegal, 1974–2023
Source: Balance of Payments Statistics Yearbook and data files, International Monetary Fund (IMF). Measured in % of service imports, BoP.
Analysis
Senegal recorded 6.5% for insurance and financial services in 2023.
Compared with earlier readings it is down 13.4% on the previous year and down 35.7% over ten years.
Over the whole period, insurance and financial services in Senegal peaked at 14.1% in 2001 and was at its lowest, 4.3%, in 1993.
That places Senegal 90th out of 197 countries with data for 2023, putting it in the middle of the range.
The long-run direction has been consistently rising across the 50 years of available data.
Insurance and financial services in Senegal, year by year
| Year | % of service imports, BoP | Change |
|---|---|---|
| 1974 | 11.0% | — |
| 1975 | 12.8% | +16.7% |
| 1976 | 8.4% | -34.4% |
| 1977 | 8.5% | +1.0% |
| 1978 | 7.8% | -7.4% |
| 1979 | 7.0% | -10.3% |
| 1980 | 6.5% | -7.6% |
| 1981 | 5.0% | -23.0% |
| 1982 | 5.3% | +6.1% |
| 1983 | 5.8% | +10.0% |
| 1984 | 5.9% | +1.7% |
| 1985 | 5.7% | -4.8% |
| 1986 | 5.6% | -0.9% |
| 1987 | 4.9% | -11.9% |
| 1988 | 5.5% | +11.6% |
| 1989 | 5.5% | -0.6% |
| 1990 | 4.8% | -12.4% |
| 1991 | 4.7% | -2.4% |
| 1992 | 4.7% | +0.9% |
| 1993 | 4.3% | -10.1% |
| 1994 | 4.7% | +10.9% |
| 1995 | 4.9% | +3.6% |
| 1996 | 9.6% | +96.6% |
| 1997 | 9.4% | -2.5% |
| 1998 | 10.7% | +13.6% |
| 1999 | 9.7% | -9.0% |
| 2000 | 9.8% | +1.5% |
| 2001 | 14.1% | +43.5% |
| 2002 | 10.5% | -25.8% |
| 2003 | 10.7% | +1.9% |
| 2004 | 9.9% | -7.2% |
| 2005 | 9.8% | -1.4% |
| 2006 | 9.3% | -4.6% |
| 2007 | 8.4% | -10.4% |
| 2008 | 10.6% | +27.4% |
| 2009 | 11.1% | +4.6% |
| 2010 | 11.0% | -1.0% |
| 2011 | 10.2% | -7.9% |
| 2012 | 11.2% | +10.6% |
| 2013 | 10.1% | -10.4% |
| 2014 | 10.1% | +0.0% |
| 2015 | 9.7% | -3.2% |
| 2016 | 9.8% | +0.8% |
| 2017 | 9.3% | -5.8% |
| 2018 | 8.9% | -3.4% |
| 2019 | 8.2% | -8.7% |
| 2020 | 5.2% | -36.0% |
| 2021 | 6.1% | +16.3% |
| 2022 | 7.5% | +23.2% |
| 2023 | 6.5% | -13.4% |
Senegal compared with similar countries
- Senegal's 6.5% is above the median for lower middle income countries, which is 6.5%, 1.0× the median. (47 countries reporting)
- Senegal's 6.5% is above the median for Sub-Saharan Africa, which is 6.5%, 1.0× the median. (45 countries reporting)
Biggest year-on-year movements
Years where Insurance and financial services in Senegal 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 |
|---|---|---|---|
| 1996 | +96.6% | 4.9% | 9.6% |
Averages by decade
| Decade | Average | Lowest | Highest | Years |
|---|---|---|---|---|
| 1970s | 9.2% | 7.0% | 12.8% | 6 |
| 1980s | 5.6% | 4.9% | 6.5% | 10 |
| 1990s | 6.7% | 4.3% | 10.7% | 10 |
| 2000s | 10.4% | 8.4% | 14.1% | 10 |
| 2010s | 9.8% | 8.2% | 11.2% | 10 |
| 2020s | 6.3% | 5.2% | 7.5% | 4 |
Countries ranked near Senegal
More economy & growth data for Senegal
- Africa's Development Dynamics (AfDD) Table 04 - Annual real GDP 1.53 Percent per annum (2029)
- Africa's Development Dynamics (AfDD) Table 02 - Annual real GDP 4.03 Percent per annum (2029)
- Foreign direct investment, net outflows (BoP, current US$), gaps 48.08 million BoP, current US$ (2024)
- Foreign direct investment, net outflows (BoP, current US$), per unit 0.0015 BoP, current US$ per US$ of GDP (2024)
- Foreign direct investment, net outflows (BoP, current US$), per capita 2.6 BoP, current US$ per person (2024)
- Foreign direct investment, net inflows (BoP, current US$), gaps filled 2.02 billion BoP, current US$ (2024)
- Foreign direct investment, net inflows (BoP, current US$), annual -57.9 % change on previous year (2024)
- Foreign direct investment, net inflows (BoP, current US$), per unit 0.0627 BoP, current US$ per US$ of GDP (2024)
- Foreign direct investment, net inflows (BoP, current US$), per capita 108.98 BoP, current US$ per person (2024)
- General government final consumption expenditure (current US$) 7.93 % change on previous year (2025)
Frequently asked questions
- What is insurance and financial services in Senegal?
- Insurance and financial services in Senegal was 6.5% 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 Senegal?
- The highest recorded value was 14.1% in 2001.
- What is the lowest insurance and financial services recorded in Senegal?
- The lowest recorded value was 4.3% in 1993.
- How does Senegal rank for insurance and financial services?
- Senegal ranks 90th out of 197 countries with data for 2023.
- Is insurance and financial services rising or falling in Senegal?
- Over the last ten years it is down 35.7%. The long-run trend across the full record is rising.
- Where does this Senegal 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 — 50 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.