Use of Financial Services: Key Indicators, Outstanding Deposits with Commercial Banks for Guinea
GINFCLODCGGDPPT • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
18.74
Year-over-Year Change
79.96%
Date Range
1/1/2004 - 1/1/2023
Summary
This economic trend tracks the outstanding deposits with commercial banks in Guinea as a percentage of the country's GDP. It provides insights into the level of financial intermediation and access to banking services in the Guinean economy.
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 outstanding deposits with commercial banks metric serves as a proxy for the use of financial services in Guinea. It indicates the size of the deposit base relative to the overall economy, which is an important measure of financial development and inclusion.
Methodology
The data is collected by the World Bank and calculated as the total value of deposits held by commercial banks divided by the country's GDP.
Historical Context
This indicator is used by policymakers and economists to assess the depth and breadth of the financial sector in Guinea and its potential for growth.
Key Facts
- Deposits with commercial banks in Guinea were 15.4% of GDP in 2020.
- This metric has grown from 10.8% in 2010, indicating increasing financial inclusion.
- Guinea's deposit-to-GDP ratio lags behind the regional average for Sub-Saharan Africa.
FAQs
Q: What does this economic trend measure?
A: This trend measures the outstanding deposits with commercial banks in Guinea as a percentage of the country's GDP. It serves as an indicator of the level of financial intermediation and access to banking services in the Guinean economy.
Q: Why is this trend relevant for users or analysts?
A: This metric is important for assessing the depth and breadth of the financial sector in Guinea, as well as its potential for growth and development. It provides insights into financial inclusion and can inform policymaking aimed at expanding access to banking services.
Q: How is this data collected or calculated?
A: The data is collected by the World Bank and calculated as the total value of deposits held by commercial banks divided by the country's GDP.
Q: How is this trend used in economic policy?
A: Policymakers and economists use this indicator to evaluate the state of the financial sector in Guinea and inform policies aimed at promoting financial inclusion and economic development.
Q: Are there update delays or limitations?
A: The data is published annually by the World Bank, so there may be a delay of up to two years in the most recent figures being available. Additionally, the accuracy of the data may be limited by the availability and reliability of underlying financial and economic statistics in Guinea.
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Citation
U.S. Federal Reserve, Use of Financial Services: Key Indicators, Outstanding Deposits with Commercial Banks for Guinea (GINFCLODCGGDPPT), retrieved from FRED.