Insurance and financial services in Latvia
Latvia: Insurance and financial services was 2.1% in 2025. ◆ Volatile
Insurance and financial services in Latvia, 1992–2025
Source: Balance of Payments Statistics Yearbook and data files, International Monetary Fund (IMF). Measured in % of commercial service exports.
Analysis
Latvia recorded 2.1% for insurance and financial services in 2025.
That represents a change of down 8.4% on the previous year and down 79.7% over ten years.
Over the whole period, insurance and financial services in Latvia peaked at 17.1% in 2008 and was at its lowest, 0.0%, in 1992.
That places Latvia 106th out of 190 countries with data for 2025, putting it in the middle of the range.
The series is highly variable year to year, so single readings are best treated with caution.
Insurance and financial services in Latvia, year by year
| Year | % of commercial service exports | Change |
|---|---|---|
| 1992 | 0.0% | — |
| 1993 | 0.0% | +1490.6% |
| 1994 | 0.9% | +2288.4% |
| 1995 | 2.4% | +169.5% |
| 1996 | 3.1% | +27.2% |
| 1997 | 3.5% | +14.8% |
| 1998 | 3.3% | -6.8% |
| 1999 | 3.5% | +6.9% |
| 2008 | 17.1% | +389.7% |
| 2009 | 14.9% | -12.6% |
| 2010 | 11.7% | -22.0% |
| 2011 | 11.6% | -0.4% |
| 2012 | 10.1% | -13.3% |
| 2013 | 10.1% | +0.2% |
| 2014 | 10.1% | +0.1% |
| 2015 | 10.6% | +4.9% |
| 2016 | 9.6% | -8.8% |
| 2017 | 7.4% | -22.8% |
| 2018 | 5.7% | -23.1% |
| 2019 | 3.6% | -37.6% |
| 2020 | 3.0% | -16.1% |
| 2021 | 3.5% | +17.1% |
| 2022 | 3.0% | -15.2% |
| 2023 | 2.4% | -19.0% |
| 2024 | 2.3% | -2.7% |
| 2025 | 2.1% | -8.4% |
Latvia compared with similar countries
- Latvia's 2.1% is below the median for high income countries, which is 5.3%, 41% of the median. (69 countries reporting)
- Latvia's 2.1% is below the median for Europe & Central Asia, which is 3.6%, 60% 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 |
|---|---|---|---|
| 1994 | +2288.4% | 0.0% | 0.9% |
| 1993 | +1490.6% | 0.0% | 0.0% |
| 2008 | +389.7% | 3.5% | 17.1% |
| 1995 | +169.5% | 0.9% | 2.4% |
Averages by decade
| Decade | Average | Lowest | Highest | Years |
|---|---|---|---|---|
| 1990s | 2.1% | 0.0% | 3.5% | 8 |
| 2000s | 16.0% | 14.9% | 17.1% | 2 |
| 2010s | 9.0% | 3.6% | 11.7% | 10 |
| 2020s | 2.7% | 2.1% | 3.5% | 6 |
Countries ranked near Latvia
More private sector data for Latvia
- Merchandise trade 99.6% (2025)
- Food imports 17.9% (2025)
- Manufactures imports 60.8% (2025)
- Merchandise imports 26.28 billion current US$ (2025)
- Food exports 22.1% (2025)
- Manufactures exports 54.2% (2025)
- Merchandise exports 22.12 billion current US$ (2025)
- Merchandise exports (current US$), per capita 11,972 current US$ per person (2025)
- Merchandise exports (current US$), per unit of GDP 0.455 current US$ per US$ of GDP (2025)
- Merchandise exports (current US$), annual growth rate 7.16 % change on previous year (2025)
Frequently asked questions
- What is insurance and financial services in Latvia?
- Insurance and financial services in Latvia was 2.1% 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 17.1% in 2008.
- What is the lowest insurance and financial services recorded in Latvia?
- The lowest recorded value was 0.0% in 1992.
- How does Latvia rank for insurance and financial services?
- Latvia ranks 106th out of 190 countries with data for 2025.
- Is insurance and financial services rising or falling in Latvia?
- Over the last ten years it is down 79.7%. The long-run trend across the full record is volatile.
- 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 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.