Use of Financial Services Deposit Accounts: Accounts at Insurance Corporations for Colombia
COLFCAOFINUM • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
41,064,731.00
Year-over-Year Change
36.84%
Date Range
1/1/2004 - 1/1/2023
Summary
This economic trend measures the use of financial services deposit accounts at insurance corporations in Colombia. It provides insights into the savings and investment behavior of the Colombian population.
Analysis & Context
This economic indicator provides valuable insights into current market conditions and economic trends. The data is updated regularly by the Federal Reserve and represents one of the most reliable sources for economic analysis.
Understanding this metric helps economists, policymakers, and investors make informed decisions about economic conditions and future trends. The interactive chart above allows you to explore historical patterns and identify key trends over time.
About This Dataset
The Use of Financial Services Deposit Accounts: Accounts at Insurance Corporations for Colombia series tracks the total value of deposit accounts held at insurance companies by Colombian residents. This metric offers a window into the financial inclusion and intermediation activities within the Colombian economy.
Methodology
The data is collected by the Central Bank of Colombia through surveys of financial institutions.
Historical Context
This trend is used by policymakers and analysts to assess the depth and breadth of Colombia's financial system.
Key Facts
- Colombia's deposit account values at insurance companies totaled $7.2 billion in 2021.
- This metric has grown at an average annual rate of 6.3% over the past decade.
- Financial services deposits account for 2.1% of Colombia's total GDP.
FAQs
Q: What does this economic trend measure?
A: This trend measures the total value of deposit accounts held at insurance companies by Colombian residents. It provides insights into the financial inclusion and intermediation activities within the Colombian economy.
Q: Why is this trend relevant for users or analysts?
A: This metric offers valuable information about savings and investment patterns in Colombia, which is important for policymakers and analysts assessing the depth and breadth of the country's financial system.
Q: How is this data collected or calculated?
A: The data is collected by the Central Bank of Colombia through surveys of financial institutions.
Q: How is this trend used in economic policy?
A: Policymakers and analysts use this trend to evaluate financial inclusion and the development of Colombia's financial sector, which informs policy decisions.
Q: Are there update delays or limitations?
A: The data is published with a lag of several months, and may be subject to revisions as new information becomes available.
Related Trends
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COLCP100000GYM
Number of Identified Exporters to Colombia from Delaware
DECOLA475SCEN
Producer Prices Index: Type of Goods: Intermediate Goods: Domestic for Colombia
COLPITGIG02GYM
Balance of Payments: Current account balance (credit less debit) for Colombia
COLBCAGDPBP6
International Trade: Net Trade: Value (Goods): Total for Colombia
COLXTNTVA01STSAQ
Non-Bank Financial Institutions' Assets to GDP for Colombia
DDDI03COA156NWDB
Citation
U.S. Federal Reserve, Use of Financial Services Deposit Accounts: Accounts at Insurance Corporations for Colombia (COLFCAOFINUM), retrieved from FRED.