Insurance and financial services in Sierra Leone
Sierra Leone: Insurance and financial services was 9.4% in 2024. ▬ Flat
Insurance and financial services in Sierra Leone, 1977–2024
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 Sierra Leone is 9.4%, measured in 2024.
That represents a change of down 29.5% on the previous year and up 101.2% over ten years.
Over the whole period, insurance and financial services in Sierra Leone peaked at 17.5% in 1983 and was at its lowest, 1.7%, in 1999.
That places Sierra Leone 55th out of 197 countries with data for 2024, putting it in the middle of the range.
Insurance and financial services in Sierra Leone, year by year
| Year | % of service imports, BoP | Change |
|---|---|---|
| 1977 | 5.5% | — |
| 1978 | 10.4% | +88.4% |
| 1979 | 12.8% | +23.2% |
| 1980 | 11.9% | -6.5% |
| 1981 | 5.2% | -56.4% |
| 1982 | 14.9% | +185.8% |
| 1983 | 17.5% | +17.6% |
| 1984 | 14.1% | -19.6% |
| 1985 | 14.2% | +1.3% |
| 1986 | 11.3% | -20.3% |
| 1987 | 5.5% | -51.5% |
| 1988 | 10.0% | +81.1% |
| 1989 | 8.7% | -12.6% |
| 1990 | 4.3% | -50.7% |
| 1991 | 5.3% | +23.0% |
| 1992 | 5.1% | -2.8% |
| 1993 | 4.9% | -3.6% |
| 1994 | 3.2% | -35.5% |
| 1995 | 3.3% | +1.9% |
| 1996 | 4.2% | +28.3% |
| 1997 | 3.8% | -10.1% |
| 1998 | 5.1% | +36.7% |
| 1999 | 1.7% | -65.9% |
| 2000 | 2.6% | +49.3% |
| 2001 | 3.4% | +29.1% |
| 2002 | 7.5% | +122.4% |
| 2003 | 7.5% | -0.2% |
| 2004 | 6.6% | -11.8% |
| 2005 | 9.1% | +38.1% |
| 2006 | 9.0% | -0.9% |
| 2007 | 9.0% | -0.0% |
| 2008 | 9.3% | +3.1% |
| 2009 | 7.1% | -24.3% |
| 2010 | 2.7% | -61.3% |
| 2011 | 4.1% | +48.8% |
| 2012 | 4.4% | +7.4% |
| 2013 | 7.4% | +69.8% |
| 2014 | 4.7% | -36.7% |
| 2015 | 5.7% | +20.8% |
| 2016 | 8.0% | +41.0% |
| 2017 | 9.4% | +17.5% |
| 2018 | 10.0% | +6.4% |
| 2019 | 9.5% | -5.3% |
| 2020 | 17.0% | +79.5% |
| 2021 | 14.5% | -14.7% |
| 2022 | 10.1% | -30.5% |
| 2023 | 13.4% | +32.9% |
| 2024 | 9.4% | -29.5% |
Sierra Leone compared with similar countries
- Sierra Leone's 9.4% is above the median for low income countries, which is 4.1%, 2.3× the median. (22 countries reporting)
- Sierra Leone's 9.4% is above the median for Sub-Saharan Africa, which is 6.5%, 1.5× the median. (45 countries reporting)
Averages by decade
| Decade | Average | Lowest | Highest | Years |
|---|---|---|---|---|
| 1970s | 9.6% | 5.5% | 12.8% | 3 |
| 1980s | 11.3% | 5.2% | 17.5% | 10 |
| 1990s | 4.1% | 1.7% | 5.3% | 10 |
| 2000s | 7.1% | 2.6% | 9.3% | 10 |
| 2010s | 6.6% | 2.7% | 10.0% | 10 |
| 2020s | 12.9% | 9.4% | 17.0% | 5 |
Countries ranked near Sierra Leone
- 52 United Kingdom of Great Britain and Northern Ireland 9.7% compare
- 53 Armenia 9.6% compare
- 54 Indonesia 9.5% compare
- 56 Sao Tome and Principe 9.4% compare
- 57 Iran, Islamic Republic of 9.3% compare
- 58 Cameroon 9.2% compare
More economy & growth data for Sierra Leone
- Africa's Development Dynamics (AfDD) Table 04 - Annual real GDP 2.55 Percent per annum (2029)
- Africa's Development Dynamics (AfDD) Table 02 - Annual real GDP 4.53 Percent per annum (2029)
- Foreign direct investment, net outflows (BoP, current US$), gaps -33,272 BoP, current US$ (2010)
- Foreign direct investment, net outflows (BoP, current US$), per unit -0 BoP, current US$ per US$ of GDP (2010)
- Foreign direct investment, net outflows (BoP, current US$), per capita -0.0053 BoP, current US$ per person (2010)
- Foreign direct investment, net inflows (BoP, current US$), gaps filled 121.78 million BoP, current US$ (2024)
- Foreign direct investment, net inflows (BoP, current US$), annual -16.53 % change on previous year (2024)
- Foreign direct investment, net inflows (BoP, current US$), per unit 0.0175 BoP, current US$ per US$ of GDP (2024)
- Foreign direct investment, net inflows (BoP, current US$), per capita 14.09 BoP, current US$ per person (2024)
- Total reserves (includes gold, current US$), annual growth rate -12.59 % change on previous year (2024)
Frequently asked questions
- What is insurance and financial services in Sierra Leone?
- Insurance and financial services in Sierra Leone was 9.4% 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 Sierra Leone?
- The highest recorded value was 17.5% in 1983.
- What is the lowest insurance and financial services recorded in Sierra Leone?
- The lowest recorded value was 1.7% in 1999.
- How does Sierra Leone rank for insurance and financial services?
- Sierra Leone ranks 55th out of 197 countries with data for 2024.
- Is insurance and financial services rising or falling in Sierra Leone?
- Over the last ten years it is up 101.2%. The long-run trend across the full record is flat.
- Where does this Sierra Leone 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.