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

Source: World Bank
Last Updated: Apr 1, 2021

Insurance and financial services as a percentage of service exports from the balance of payment reached 9.86 % in 2018 in Panama, according to the National Central Bank / OECD. This is 1.99 % more than in the previous year.

Historically, insurance and financial services as a percentage of service exports from the balance of payment in Panama reached an all time high of 13.3 % in 2002 and an all time low of 0.050 % in 1977. When compared to Panama's main peers, insurance and financial services as a percentage of service exports from the balance of payment in Colombia amounted to 0.908 %, 0.966 % in Costa Rica, 0.112 % in Honduras and 0.477 % in Nicaragua in 2018.

Panama has been ranked 29th 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, 8 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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