Insurance and financial services in Latvia
Latvia: Insurance and financial services was 3.0% in 2025. ▼ Falling
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 imports.
Analysis
Latvia recorded 3.0% for insurance and financial services in 2025.
Compared with earlier readings it is up 23.3% on the previous year and down 60.6% over ten years.
Over the whole period, insurance and financial services in Latvia peaked at 12.7% in 1994 and was at its lowest, 2.5%, in 2024.
Latvia ranks 156th of 197 countries on this measure, in the bottom quarter.
The long-run direction has been consistently falling across the 26 years of available data.
Insurance and financial services in Latvia, year by year
| Year | % of commercial service imports | Change |
|---|---|---|
| 1992 | 4.8% | — |
| 1993 | 6.5% | +36.8% |
| 1994 | 12.7% | +96.1% |
| 1995 | 7.0% | -45.1% |
| 1996 | 4.4% | -36.5% |
| 1997 | 3.3% | -26.1% |
| 1998 | 10.3% | +212.2% |
| 1999 | 8.7% | -15.2% |
| 2008 | 7.2% | -17.7% |
| 2009 | 9.2% | +28.4% |
| 2010 | 9.3% | +1.0% |
| 2011 | 10.1% | +9.2% |
| 2012 | 8.8% | -12.8% |
| 2013 | 9.8% | +10.4% |
| 2014 | 7.7% | -20.7% |
| 2015 | 7.7% | -0.3% |
| 2016 | 6.9% | -10.8% |
| 2017 | 7.2% | +4.0% |
| 2018 | 5.3% | -26.4% |
| 2019 | 4.5% | -13.9% |
| 2020 | 5.5% | +20.4% |
| 2021 | 3.3% | -39.2% |
| 2022 | 3.2% | -3.3% |
| 2023 | 3.3% | +3.3% |
| 2024 | 2.5% | -25.7% |
| 2025 | 3.0% | +23.3% |
Latvia compared with similar countries
- Latvia's 3.0% is below the median for high income countries, which is 6.4%, 48% of the median. (72 countries reporting)
- Latvia's 3.0% is below the median for Europe & Central Asia, which is 5.2%, 59% 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 |
|---|---|---|---|
| 1998 | +212.2% | 3.3% | 10.3% |
Averages by decade
| Decade | Average | Lowest | Highest | Years |
|---|---|---|---|---|
| 1990s | 7.2% | 3.3% | 12.7% | 8 |
| 2000s | 8.2% | 7.2% | 9.2% | 2 |
| 2010s | 7.7% | 4.5% | 10.1% | 10 |
| 2020s | 3.5% | 2.5% | 5.5% | 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 3.0% 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 12.7% in 1994.
- What is the lowest insurance and financial services recorded in Latvia?
- The lowest recorded value was 2.5% in 2024.
- How does Latvia rank for insurance and financial services?
- Latvia ranks 156th out of 197 countries with data for 2025.
- Is insurance and financial services rising or falling in Latvia?
- Over the last ten years it is down 60.6%. The long-run trend across the full record is falling.
- 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 imports). Statizoid updates them automatically from the source API.
Download this data
CSV · JSON — 26 observations, free to reuse under CC BY 4.0 (World Bank Open Data).
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.