Insurance and Financial Services (As % of Service Exports, BoP) in Georgia

Source: World Bank
Last Updated: January 1, 2021

Insurance and financial services as a percentage of service exports from the balance of payment reached 0.695 % in 2018 in Georgia, according to the National Central Bank / OECD. This is 10.0 % less than in the previous year.

Historically, insurance and financial services as a percentage of service exports from the balance of payment in Georgia reached an all time high of 4.80 % in 2004 and an all time low of 0.695 % in 2018. When compared to Georgia's main peers, insurance and financial services as a percentage of service exports from the balance of payment in Armenia amounted to 1.91 %, 0.533 % in Azerbaijan, 2.84 % in Russia and 3.26 % in Turkey in 2018.

Georgia has been ranked 126th within the group of 153 countries we follow in terms of insurance and financial services as a percentage of service exports from the balance of payment, 34 places behind the position seen 10 years ago.

Insurance and financial services cover various types of insurance provided to non-residents by resident insurance enterprises and vice versa, and financial intermediary and auxiliary services (except those of insurance enterprises and pension funds) exchanged between residents and non-residents.

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