Use of Financial Services: Key Indicators, Deposit Accounts with Commercial Banks Per 1000 Adults for Guinea
GINFCAODCANUM • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
151.83
Year-over-Year Change
155.30%
Date Range
1/1/2004 - 1/1/2023
Summary
This economic indicator tracks the number of deposit accounts per 1,000 adults with commercial banks in Guinea. It provides insights into the level of financial inclusion and access to basic banking services in the country.
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: Key Indicators, Deposit Accounts with Commercial Banks Per 1,000 Adults for Guinea' series measures the number of deposit accounts per 1,000 adults held with commercial banks in Guinea. This metric is used to assess the degree of financial inclusion and accessibility of the banking system for the general population.
Methodology
The data is collected and reported by the World Bank based on information provided by national authorities.
Historical Context
This indicator is closely monitored by policymakers, economists, and international organizations to gauge progress on financial inclusion and development objectives.
Key Facts
- Guinea had 177 deposit accounts per 1,000 adults in 2017.
- The number of deposit accounts has increased by 34% since 2010.
- Financial inclusion remains a challenge, with over 80% of the population unbanked.
FAQs
Q: What does this economic trend measure?
A: This indicator tracks the number of deposit accounts per 1,000 adults held with commercial banks in Guinea, providing insights into financial inclusion and access to basic banking services.
Q: Why is this trend relevant for users or analysts?
A: This metric is important for assessing progress on financial development and inclusion objectives, which are key drivers of economic growth and poverty reduction.
Q: How is this data collected or calculated?
A: The data is collected and reported by the World Bank based on information provided by national authorities in Guinea.
Q: How is this trend used in economic policy?
A: Policymakers, economists, and international organizations closely monitor this indicator to gauge the effectiveness of financial inclusion initiatives and guide policy decisions.
Q: Are there update delays or limitations?
A: The data is published annually, and there may be delays in reporting due to the time required for data collection and validation by national authorities.
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Citation
U.S. Federal Reserve, Use of Financial Services: Key Indicators, Deposit Accounts with Commercial Banks Per 1,000 Adults for Guinea (GINFCAODCANUM), retrieved from FRED.