People 15 Years and Over with Account at a Formal Financial Institution for Albania
DDAI05ALA156NWDB • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
44.17
Year-over-Year Change
56.27%
Date Range
1/1/2011 - 1/1/2021
Summary
This economic trend measures the percentage of the population aged 15 and older in Albania who have an account at a formal financial institution. It provides insight into financial inclusion and access to banking services.
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 'People 15 Years and Over with Account at a Formal Financial Institution for Albania' series tracks the share of the adult population in Albania that utilizes formal banking and financial services. This metric is an important indicator of financial development and economic progress.
Methodology
This data is collected through household surveys conducted by the World Bank.
Historical Context
Policymakers and analysts use this trend to evaluate financial inclusion and the accessibility of banking infrastructure in Albania.
Key Facts
- Albania's formal financial inclusion rate was 40.5% in 2017.
- Financial inclusion has steadily increased in Albania over the past decade.
- Access to banking services remains a challenge for rural and low-income populations.
FAQs
Q: What does this economic trend measure?
A: This trend measures the percentage of the adult population in Albania (ages 15 and older) who have an account at a formal financial institution such as a bank, credit union, or microfinance provider.
Q: Why is this trend relevant for users or analysts?
A: Financial inclusion is an important indicator of economic development and access to banking services. This trend provides insights into the accessibility and utilization of the formal financial system in Albania.
Q: How is this data collected or calculated?
A: The data is collected through household surveys conducted by the World Bank.
Q: How is this trend used in economic policy?
A: Policymakers and economists use this metric to evaluate financial inclusion and accessibility, informing policies aimed at expanding banking infrastructure and promoting economic development in Albania.
Q: Are there update delays or limitations?
A: The data is updated periodically by the World Bank, but may have a lag of several years. The survey-based methodology also means the data may not fully capture informal financial activities.
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Citation
U.S. Federal Reserve, People 15 Years and Over with Account at a Formal Financial Institution for Albania (DDAI05ALA156NWDB), retrieved from FRED.