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

Source: World Bank
Last Updated: Oct 1, 2021

Insurance and financial services as a percentage of service exports from the balance of payment reached 3.07 % in 2020 in Latvia, according to the National Central Bank / OECD. This is 48.0 % less than in the previous year.

Historically, insurance and financial services as a percentage of service exports from the balance of payment in Latvia reached an all time high of 17.0 % in 2008 and an all time low of % in. When compared to Latvia's main peers, insurance and financial services as a percentage of service exports from the balance of payment in Belarus amounted to 0.836 %, 1.48 % in Estonia, 1.77 % in Lithuania and 3.49 % in Russia in 2020.

Latvia has been ranked 54th within the group of 94 countries we follow in terms of insurance and financial services as a percentage of service exports from the balance of payment, 32 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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