Insurance and financial services in Venezuela, Bolivarian Republic of
Venezuela, Bolivarian Republic of: Insurance and financial services was 4.0% in 2016. ▲ Rising
Insurance and financial services in Venezuela, Bolivarian Republic of, 1970–2016
Source: Balance of Payments Statistics Yearbook and data files, International Monetary Fund (IMF). Measured in % of commercial service imports.
Analysis
Venezuela, Bolivarian Republic of recorded 4.0% for insurance and financial services in 2016.
That represents a change of down 30.8% on the previous year and down 56.0% over ten years.
Over the whole period, insurance and financial services in Venezuela, Bolivarian Republic of peaked at 10.0% in 1971 and was at its lowest, 1.7%, in 1992.
Venezuela, Bolivarian Republic of ranks 134th of 197 countries on this measure, in the middle of the range.
The long-run direction has been consistently rising across the 47 years of available data.
Insurance and financial services in Venezuela, Bolivarian Republic of, year by year
| Year | % of commercial service imports | Change |
|---|---|---|
| 1970 | 9.0% | — |
| 1971 | 10.0% | +10.9% |
| 1972 | 9.1% | -8.9% |
| 1973 | 8.5% | -6.7% |
| 1974 | 6.6% | -22.4% |
| 1975 | 5.7% | -14.4% |
| 1976 | 6.7% | +17.7% |
| 1977 | 5.4% | -19.5% |
| 1978 | 4.6% | -13.8% |
| 1979 | 4.6% | -0.6% |
| 1980 | 4.9% | +5.8% |
| 1981 | 4.4% | -8.9% |
| 1982 | 6.0% | +35.8% |
| 1983 | 4.1% | -32.4% |
| 1984 | 3.3% | -19.5% |
| 1985 | 4.3% | +30.4% |
| 1986 | 5.1% | +19.5% |
| 1987 | 5.2% | +2.3% |
| 1988 | 5.7% | +10.3% |
| 1989 | 1.9% | -66.2% |
| 1990 | 4.2% | +116.9% |
| 1991 | 2.2% | -48.1% |
| 1992 | 1.7% | -21.3% |
| 1993 | 2.0% | +16.0% |
| 1994 | 2.4% | +19.1% |
| 1995 | 2.5% | +6.9% |
| 1996 | 2.9% | +15.0% |
| 1997 | 7.5% | +155.6% |
| 1998 | 6.2% | -16.9% |
| 1999 | 6.0% | -2.6% |
| 2000 | 5.3% | -12.0% |
| 2001 | 5.8% | +9.4% |
| 2002 | 7.3% | +25.5% |
| 2003 | 8.3% | +14.2% |
| 2004 | 6.4% | -22.9% |
| 2005 | 9.0% | +39.5% |
| 2006 | 9.1% | +0.9% |
| 2007 | 9.2% | +1.3% |
| 2008 | 9.1% | -1.1% |
| 2009 | 9.2% | +1.5% |
| 2010 | 6.8% | -26.5% |
| 2011 | 5.3% | -22.3% |
| 2012 | 6.2% | +17.3% |
| 2013 | 8.6% | +38.5% |
| 2014 | 5.8% | -32.5% |
| 2015 | 5.8% | -0.1% |
| 2016 | 4.0% | -30.8% |
Venezuela, Bolivarian Republic of compared with similar countries
- Venezuela, Bolivarian Republic of's 4.0% is below the median for lower middle income countries, which is 6.5%, 61% of the median. (47 countries reporting)
- Venezuela, Bolivarian Republic of's 4.0% is below the median for Latin America & Caribbean, which is 10.1%, 39% of the median. (37 countries reporting)
Biggest year-on-year movements
Years where Insurance and financial services in Venezuela, Bolivarian Republic of 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 |
|---|---|---|---|
| 1997 | +155.6% | 2.9% | 7.5% |
Averages by decade
| Decade | Average | Lowest | Highest | Years |
|---|---|---|---|---|
| 1970s | 7.0% | 4.6% | 10.0% | 10 |
| 1980s | 4.5% | 1.9% | 6.0% | 10 |
| 1990s | 3.8% | 1.7% | 7.5% | 10 |
| 2000s | 7.9% | 5.3% | 9.2% | 10 |
| 2010s | 6.0% | 4.0% | 8.6% | 7 |
Countries ranked near Venezuela, Bolivarian Republic of
- 131 Solomon Islands 4.2% compare
- 132 Slovakia 4.1% compare
- 133 Mali 4.0% compare
- 135 Côte d'Ivoire 4.0% compare
- 136 Syrian Arab Republic 3.9% compare
- 137 Rwanda 3.9% compare
More private sector data for Venezuela, Bolivarian Republic of
- Merchandise trade 22.5% (2025)
- Food imports 18.4% (2013)
- Manufactures imports 70.7% (2013)
- Merchandise imports 13.80 billion current US$ (2025)
- Food exports 0.0% (2013)
- Manufactures exports 1.8% (2013)
- Merchandise exports 8.60 billion current US$ (2025)
- Merchandise exports (current US$), per capita 301.58 current US$ per person (2025)
- Merchandise exports (current US$), per unit of GDP 0.0863 current US$ per US$ of GDP (2025)
- Merchandise exports (current US$), annual growth rate -40.13 % change on previous year (2025)
Frequently asked questions
- What is insurance and financial services in Venezuela, Bolivarian Republic of?
- Insurance and financial services in Venezuela, Bolivarian Republic of was 4.0% in 2016, according to Balance of Payments Statistics Yearbook and data files, International Monetary Fund (IMF).
- What is the highest insurance and financial services recorded in Venezuela, Bolivarian Republic of?
- The highest recorded value was 10.0% in 1971.
- What is the lowest insurance and financial services recorded in Venezuela, Bolivarian Republic of?
- The lowest recorded value was 1.7% in 1992.
- How does Venezuela, Bolivarian Republic of rank for insurance and financial services?
- Venezuela, Bolivarian Republic of ranks 134th out of 197 countries with data for 2016.
- Is insurance and financial services rising or falling in Venezuela, Bolivarian Republic of?
- Over the last ten years it is down 56.0%. The long-run trend across the full record is rising.
- Where does this Venezuela, Bolivarian Republic of 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 — 47 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.