Sierra Leone's insurance and financial services (% of service exports, BoP) was 32.73% in 2024, the latest year in the World Bank's World Development Indicators. That is up 32.05 percentage points from 0.68% in 2014.
Key figures
| Value | Year | |
|---|---|---|
| Latest | 32.73% | 2024 |
| Five years earlier | 5.58% | 2019 |
| Ten years earlier | 0.68% | 2014 |
| Highest | 48.19% | 2021 |
| Lowest | -23.72% | 2022 |
| Average since 2015 | 13.52% | 2015–2024 |
| First recorded | 0.33% | 1977 |
What the numbers say
In 2024, Sierra Leone's insurance and financial services (% of service exports, BoP) fell 6.57 percentage points on 2023 (from 39.3% to 32.73%).
Across the 30 yearly changes before that (1994 to 2023), the average change was +1.31 percentage points and a typical year strayed about 19.3 percentage points from that (the standard deviation). This year's change was 0.4 standard deviations below that average, so it was an ordinary year: it sits within the range of normal year-to-year movement.
On record, the biggest yearly rise was 63.02 percentage points in 2023 and the biggest yearly fall was 71.91 percentage points in 2022. The numbers show how large and when, not why; for the cause, look at what happened in that country in those years.
From 2015 to 2024 there is no clear straight-line trend: a straight line explains 16% of the movement over 10 observed years, so the value is moving around more than it is heading anywhere.
Worked out from the yearly values above. How the checks work: standard deviation, z-scores and straight-line trends.
How it compares
In 2024, Sierra Leone had the 1st highest value of the 23 economies reporting that year. Higher is not always better: for some indicators the lowest value is the one to aim for. See the full ranking.
| Value | Year | |
|---|---|---|
| Sierra Leone | 32.73% | 2024 |
| World | 11.46% | 2025 |
| Sub-Saharan Africa | 10.19% | 2025 |
| Low income | 2.12% | 2024 |
Closest to Sierra Leone in the 2024 ranking
- Liberia — 2nd of 23: 30.27%
- Guinea-Bissau — 3rd of 23: 20.68%
- Haiti — 4th of 23: 19.08%
What this measures
Insurance and financial services cover various types of insurance provided to nonresidents 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 nonresidents. This indicator is expressed as a percentage of service exports which are services provided by residents to non-residents.
Regional and income-group figures are computed by the World Bank as a weighted average.
All 37 values
| Year | Insurance and financial services (% of service exports, BoP) |
|---|---|
| 2024 | 32.73 |
| 2023 | 39.3 |
| 2022 | -23.72 |
| 2021 | 48.19 |
| 2020 | 7.9 |
| 2019 | 5.58 |
| 2018 | 7.37 |
| 2017 | 7.43 |
| 2016 | 8.41 |
| 2015 | 1.97 |
| 2014 |
Insurance and financial services (% of service exports, BoP) in nearby economies
- Angola — 0.0077% (2025)
- Benin — 11.18% (2023)
- Botswana — 0.32% (2025)
- Burkina Faso — 15.36% (2024)
- Burundi — 8.15% (2025)
- Cabo Verde — 0.34% (2025)
- Cameroon — 3.8% (2024)
- Comoros — 1.36% (2023)
- Congo, Dem. Rep. — 0.41% (2025)
More economic policy & debt data for Sierra Leone
- GDP (current US$) — US$7.46 billion (2025)
- GDP (current LCU) — 169.12 billion (2025)
- GDP (constant 2015 US$) — US$10.28 billion (2025)
- GDP (constant LCU) — 67.92 billion (2025)
- GDP per capita (current US$) — US$846.3 (2025)
- GDP per capita (current LCU) — 19,175 (2025)
- GDP per capita (constant 2015 US$) — US$1,166 (2025)
- GDP per capita (constant LCU) — 7,701 (2025)
- Total reserves, including gold (current US$) — US$433.27 million (2024)
- Total reserves, excluding gold (current US$) — US$433.27 million (2024)
Reading data like this
Questions people ask
- What is Sierra Leone's insurance and financial services (% of service exports, BoP)?
- 32.73% in 2024, according to the World Bank (World Development Indicators).
- How has it changed since 1977?
- It is up 32.41 percentage points from 0.33% in 1977. The highest value was 48.19% in 2021 and the lowest -23.72% in 2022.
- How does Sierra Leone rank?
- 1st highest of 23 economies with data for 2024.
- Is the latest change in insurance and financial services (% of service exports, BoP) unusual for Sierra Leone?
- In 2024, Sierra Leone's insurance and financial services (% of service exports, BoP) fell 6.57 percentage points on 2023 (from 39.3% to 32.73%). Across the 30 yearly changes before that (1994 to 2023), the average change was +1.31 percentage points and a typical year strayed about 19.3 percentage points from that (the standard deviation). This year's change was 0.4 standard deviations below that average, so it was an ordinary year: it sits within the range of normal year-to-year movement.
Source
World Bank, World Development Indicators, indicator BX.GSR.INSF.ZS, licensed CC BY 4.0. Original source: Balance of Payments Statistics Yearbook and data files, International Monetary Fund (IMF) Figures are fetched from the World Bank API and refreshed monthly; see the series on data.worldbank.org. The full definition and method are in the World Bank's metadata glossary. Comparisons use the same World Bank release.
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