Insurance and financial services in Guinea
Guinea: Insurance and financial services was 18.3% in 2024. ◆ Volatile
Insurance and financial services in Guinea, 1988–2024
Source: Balance of Payments Statistics Yearbook and data files, International Monetary Fund (IMF). Measured in % of commercial service exports.
Analysis
The most recent figure for insurance and financial services in Guinea is 18.3%, measured in 2024.
Compared with earlier readings it is up 181.6% on the previous year and down 27.6% over ten years.
Over the whole period, insurance and financial services in Guinea peaked at 31.2% in 2016 and was at its lowest, 0.0%, in 1992.
That places Guinea 17th out of 190 countries with data for 2024, putting it in the top 10%.
The series is highly variable year to year, so single readings are best treated with caution.
Insurance and financial services in Guinea, year by year
| Year | % of commercial service exports | Change |
|---|---|---|
| 1988 | 0.0% | — |
| 1989 | 0.1% | +84.7% |
| 1990 | 0.1% | +111.2% |
| 1992 | 0.0% | -81.8% |
| 1994 | 6.7% | +27693.6% |
| 1995 | 1.4% | -78.7% |
| 1996 | 4.8% | +240.1% |
| 1997 | 1.8% | -62.1% |
| 1998 | 0.2% | -88.4% |
| 1999 | 0.9% | +315.4% |
| 2000 | 0.5% | -44.9% |
| 2001 | 9.2% | +1805.3% |
| 2002 | 3.5% | -62.5% |
| 2003 | 1.2% | -65.1% |
| 2004 | 0.4% | -70.4% |
| 2005 | 3.3% | +832.7% |
| 2006 | 6.2% | +86.8% |
| 2007 | 0.9% | -85.1% |
| 2008 | 0.4% | -53.5% |
| 2009 | 8.8% | +1926.1% |
| 2010 | 15.8% | +80.6% |
| 2011 | 11.7% | -26.3% |
| 2012 | 15.6% | +33.6% |
| 2013 | 6.0% | -61.2% |
| 2014 | 25.3% | +319.4% |
| 2015 | 4.4% | -82.8% |
| 2016 | 31.2% | +615.7% |
| 2017 | 13.8% | -55.8% |
| 2018 | 16.8% | +21.6% |
| 2019 | 5.5% | -67.4% |
| 2020 | 13.5% | +146.6% |
| 2021 | 10.2% | -24.5% |
| 2022 | 2.3% | -77.0% |
| 2023 | 6.5% | +177.2% |
| 2024 | 18.3% | +181.6% |
Guinea compared with similar countries
- Guinea's 18.3% is above the median for lower middle income countries, which is 1.8%, 10.5× the median. (46 countries reporting)
- Guinea's 18.3% is above the median for Sub-Saharan Africa, which is 3.3%, 5.5× the median. (45 countries reporting)
Biggest year-on-year movements
Years where Insurance and financial services in Guinea 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 |
|---|---|---|---|
| 1994 | +27693.6% | 0.0% | 6.7% |
| 2009 | +1926.1% | 0.4% | 8.8% |
| 2001 | +1805.3% | 0.5% | 9.2% |
| 2005 | +832.7% | 0.4% | 3.3% |
Averages by decade
| Decade | Average | Lowest | Highest | Years |
|---|---|---|---|---|
| 1980s | 0.0% | 0.0% | 0.1% | 2 |
| 1990s | 2.0% | 0.0% | 6.7% | 8 |
| 2000s | 3.4% | 0.4% | 9.2% | 10 |
| 2010s | 14.6% | 4.4% | 31.2% | 10 |
| 2020s | 10.2% | 2.3% | 18.3% | 5 |
Countries ranked near Guinea
More private sector data for Guinea
- Merchandise trade 82.7% (2025)
- Food imports 26.6% (2016)
- Manufactures imports 58.5% (2016)
- Merchandise imports 8.34 billion current US$ (2025)
- Food exports 4.3% (2016)
- Manufactures exports 3.7% (2016)
- Merchandise exports 15.10 billion current US$ (2025)
- Merchandise exports (current US$), per capita 1,000 current US$ per person (2025)
- Merchandise exports (current US$), per unit of GDP 0.5328 current US$ per US$ of GDP (2025)
- Merchandise exports (current US$), annual growth rate 53.34 % change on previous year (2025)
Frequently asked questions
- What is insurance and financial services in Guinea?
- Insurance and financial services in Guinea was 18.3% 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 Guinea?
- The highest recorded value was 31.2% in 2016.
- What is the lowest insurance and financial services recorded in Guinea?
- The lowest recorded value was 0.0% in 1992.
- How does Guinea rank for insurance and financial services?
- Guinea ranks 17th out of 190 countries with data for 2024.
- Is insurance and financial services rising or falling in Guinea?
- Over the last ten years it is down 27.6%. The long-run trend across the full record is volatile.
- Where does this Guinea 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 commercial service exports). Statizoid updates them automatically from the source API.
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About this data
Financial services covers services related to financial intermediation, financial risk management, liquidity transformation or auxiliary financial activities. It also includes insurance and pension scheme services which are services related to providing life insurance and annuities, non-life insurance, reinsurance, pensions, standardised guarantees and auxiliary services to insurance, pension schemes, and standardised guarantee schemes. This indicator is expressed as a percentage of service exports which are commercial services provided by residents to non-residents.