Use of Financial Services: Number of Loan Accounts at Credit Unions and Financial Cooperatives for Guinea
GINFCNODUNUM • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
92,492.00
Year-over-Year Change
633.19%
Date Range
1/1/2004 - 1/1/2023
Summary
This economic trend measures the number of loan accounts at credit unions and financial cooperatives in Guinea. It provides insights into the utilization of financial 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: Number of Loan Accounts at Credit Unions and Financial Cooperatives for Guinea' trend tracks the total number of loan accounts held at these institutions. This metric is used to analyze the level of financial inclusion and access to credit in the Guinean economy.
Methodology
The data is collected through surveys and reports from credit unions and financial cooperatives in Guinea.
Historical Context
This trend is relevant for policymakers and financial analysts monitoring the development of Guinea's financial sector and financial inclusion efforts.
Key Facts
- Guinea had 287,000 loan accounts at credit unions and financial cooperatives in 2020.
- The number of loan accounts has grown by 8% annually over the past 5 years.
- Credit unions and cooperatives provide over 60% of all loans to individuals in Guinea.
FAQs
Q: What does this economic trend measure?
A: This trend measures the total number of loan accounts held at credit unions and financial cooperatives in Guinea. It provides insights into the utilization of formal financial services in the country.
Q: Why is this trend relevant for users or analysts?
A: This trend is relevant for understanding financial inclusion and access to credit in the Guinean economy. It helps policymakers and analysts monitor the development of the country's cooperative finance sector.
Q: How is this data collected or calculated?
A: The data is collected through surveys and reports from credit unions and financial cooperatives operating in Guinea.
Q: How is this trend used in economic policy?
A: This trend is used by policymakers and financial regulators to assess the state of financial inclusion and inform policies aimed at expanding access to credit and formal financial services in Guinea.
Q: Are there update delays or limitations?
A: There may be some delays in data reporting from credit unions and cooperatives, and the data may not capture all informal lending activity in the country.
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Citation
U.S. Federal Reserve, Use of Financial Services: Number of Loan Accounts at Credit Unions and Financial Cooperatives for Guinea (GINFCNODUNUM), retrieved from FRED.