Insurance and financial services in Guinea
Guinea: Insurance and financial services was 7.9% in 2024. ◆ Volatile
Insurance and financial services in Guinea, 1986–2024
Source: Balance of Payments Statistics Yearbook and data files, International Monetary Fund (IMF). Measured in % of commercial service imports.
Analysis
In 2024, insurance and financial services in Guinea stood at 7.9%.
The figure is up 9.2% on the previous year and down 3.5% over ten years.
Over the whole period, insurance and financial services in Guinea peaked at 18.8% in 2015 and was at its lowest, 2.6%, in 1999.
Guinea ranks 74th of 197 countries on this measure, 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 Guinea, year by year
| Year | % of commercial service imports | Change |
|---|---|---|
| 1986 | 6.9% | — |
| 1987 | 5.7% | -17.3% |
| 1988 | 5.0% | -13.0% |
| 1989 | 5.0% | +0.5% |
| 1990 | 5.5% | +10.2% |
| 1991 | 4.2% | -23.4% |
| 1992 | 4.4% | +4.9% |
| 1993 | 3.7% | -15.7% |
| 1994 | 11.2% | +201.4% |
| 1995 | 7.2% | -36.0% |
| 1996 | 8.4% | +16.3% |
| 1997 | 3.4% | -59.8% |
| 1998 | 3.1% | -7.4% |
| 1999 | 2.6% | -16.5% |
| 2000 | 3.8% | +47.6% |
| 2001 | 3.2% | -16.4% |
| 2002 | 5.9% | +84.2% |
| 2003 | 10.0% | +69.3% |
| 2004 | 12.2% | +22.0% |
| 2005 | 4.1% | -66.3% |
| 2006 | 12.7% | +207.9% |
| 2007 | 5.7% | -55.3% |
| 2008 | 3.8% | -33.0% |
| 2009 | 8.9% | +134.2% |
| 2010 | 7.1% | -20.2% |
| 2011 | 8.0% | +12.3% |
| 2012 | 6.2% | -22.7% |
| 2013 | 6.5% | +5.2% |
| 2014 | 8.2% | +27.2% |
| 2015 | 18.8% | +128.0% |
| 2016 | 14.6% | -22.4% |
| 2017 | 12.9% | -11.7% |
| 2018 | 10.2% | -20.4% |
| 2019 | 11.7% | +14.5% |
| 2020 | 4.2% | -63.8% |
| 2021 | 12.9% | +205.6% |
| 2022 | 17.4% | +34.1% |
| 2023 | 7.3% | -58.1% |
| 2024 | 7.9% | +9.2% |
Guinea compared with similar countries
- Guinea's 7.9% is above the median for lower middle income countries, which is 6.5%, 1.2× the median. (47 countries reporting)
- Guinea's 7.9% is above the median for Sub-Saharan Africa, which is 6.5%, 1.2× 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 |
|---|---|---|---|
| 2006 | +207.9% | 4.1% | 12.7% |
| 2021 | +205.6% | 4.2% | 12.9% |
| 1994 | +201.4% | 3.7% | 11.2% |
Averages by decade
| Decade | Average | Lowest | Highest | Years |
|---|---|---|---|---|
| 1980s | 5.6% | 5.0% | 6.9% | 4 |
| 1990s | 5.4% | 2.6% | 11.2% | 10 |
| 2000s | 7.0% | 3.2% | 12.7% | 10 |
| 2010s | 10.4% | 6.2% | 18.8% | 10 |
| 2020s | 9.9% | 4.2% | 17.4% | 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 7.9% 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 18.8% in 2015.
- What is the lowest insurance and financial services recorded in Guinea?
- The lowest recorded value was 2.6% in 1999.
- How does Guinea rank for insurance and financial services?
- Guinea ranks 74th out of 197 countries with data for 2024.
- Is insurance and financial services rising or falling in Guinea?
- Over the last ten years it is down 3.5%. 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 imports). 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 imports which are commercial services provided by non-residents to residents.