Insurance and financial services in Guyana
Guyana: Insurance and financial services was 1.2% in 2023. ▼ Falling
Insurance and financial services in Guyana, 1977–2023
Source: Balance of Payments Statistics Yearbook and data files, International Monetary Fund (IMF). Measured in % of commercial service imports.
Analysis
In 2023, insurance and financial services in Guyana stood at 1.2%.
That represents a change of up 3.9% on the previous year and down 89.6% over ten years.
Over the whole period, insurance and financial services in Guyana peaked at 15.9% in 2016 and was at its lowest, 1.1%, in 2022.
That places Guyana 192nd out of 197 countries with data for 2023, putting it in the bottom quarter.
The long-run direction has been consistently falling across the 41 years of available data.
Insurance and financial services in Guyana, year by year
| Year | % of commercial service imports | Change |
|---|---|---|
| 1977 | 11.3% | — |
| 1978 | 11.5% | +1.5% |
| 1979 | 11.3% | -1.7% |
| 1980 | 12.2% | +8.3% |
| 1981 | 13.9% | +13.8% |
| 1982 | 11.4% | -17.5% |
| 1983 | 10.9% | -4.3% |
| 1984 | 7.9% | -27.7% |
| 1985 | 6.8% | -14.3% |
| 1992 | 3.4% | -50.2% |
| 1993 | 3.4% | +1.5% |
| 1994 | 3.2% | -6.1% |
| 1995 | 3.2% | -0.4% |
| 1996 | 6.6% | +106.9% |
| 1997 | 11.8% | +78.2% |
| 1998 | 5.2% | -55.7% |
| 1999 | 10.1% | +93.1% |
| 2000 | 9.3% | -7.8% |
| 2001 | 10.7% | +14.4% |
| 2002 | 12.0% | +12.6% |
| 2003 | 15.4% | +28.3% |
| 2004 | 9.5% | -38.3% |
| 2005 | 10.3% | +8.5% |
| 2006 | 8.9% | -14.1% |
| 2007 | 8.4% | -5.4% |
| 2008 | 10.6% | +26.7% |
| 2009 | 8.3% | -21.6% |
| 2010 | 9.0% | +8.3% |
| 2011 | 9.0% | -0.2% |
| 2012 | 9.9% | +9.7% |
| 2013 | 11.3% | +14.4% |
| 2014 | 12.6% | +11.4% |
| 2015 | 11.9% | -5.6% |
| 2016 | 15.9% | +33.4% |
| 2017 | 9.0% | -43.3% |
| 2018 | 6.1% | -32.2% |
| 2019 | 5.4% | -11.8% |
| 2020 | 2.2% | -59.4% |
| 2021 | 3.4% | +57.9% |
| 2022 | 1.1% | -67.2% |
| 2023 | 1.2% | +3.9% |
Guyana compared with similar countries
- Guyana's 1.2% is below the median for high income countries, which is 6.4%, 18% of the median. (72 countries reporting)
- Guyana's 1.2% is below the median for Latin America & Caribbean, which is 10.1%, 12% of the median. (37 countries reporting)
Averages by decade
| Decade | Average | Lowest | Highest | Years |
|---|---|---|---|---|
| 1970s | 11.3% | 11.3% | 11.5% | 3 |
| 1980s | 10.5% | 6.8% | 13.9% | 6 |
| 1990s | 5.9% | 3.2% | 11.8% | 8 |
| 2000s | 10.3% | 8.3% | 15.4% | 10 |
| 2010s | 10.0% | 5.4% | 15.9% | 10 |
| 2020s | 2.0% | 1.1% | 3.4% | 4 |
Countries ranked near Guyana
- 189 Eswatini 1.4% compare
- 190 Madagascar 1.4% compare
- 191 Afghanistan 1.4% compare
- 193 North Macedonia 1.2% compare
- 194 Niger 1.0% compare
- 195 Faroe Islands 0.8% compare
More private sector data for Guyana
- Merchandise trade 106.7% (2025)
- Food imports 6.5% (2025)
- Manufactures imports 83.1% (2025)
- Merchandise imports 10.22 billion current US$ (2025)
- Food exports 1.5% (2025)
- Manufactures exports 0.5% (2025)
- Merchandise exports 18.69 billion current US$ (2025)
- Merchandise exports (current US$), per capita 22,360 current US$ per person (2025)
- Merchandise exports (current US$), per unit of GDP 0.6898 current US$ per US$ of GDP (2025)
- Merchandise exports (current US$), annual growth rate -5.52 % change on previous year (2025)
Frequently asked questions
- What is insurance and financial services in Guyana?
- Insurance and financial services in Guyana was 1.2% 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 Guyana?
- The highest recorded value was 15.9% in 2016.
- What is the lowest insurance and financial services recorded in Guyana?
- The lowest recorded value was 1.1% in 2022.
- How does Guyana rank for insurance and financial services?
- Guyana ranks 192nd out of 197 countries with data for 2023.
- Is insurance and financial services rising or falling in Guyana?
- Over the last ten years it is down 89.6%. The long-run trend across the full record is falling.
- Where does this Guyana 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.