Use of Financial Services: Key Indicators, Deposit Accounts with Commercial Banks Per 1000 Adults for Jamaica
JAMFCAODCANUM • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
1,858.44
Year-over-Year Change
86.31%
Date Range
1/1/2004 - 1/1/2023
Summary
This economic trend measures the number of deposit accounts with commercial banks per 1,000 adults in Jamaica. It provides insights into 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 1000 Adults for Jamaica' metric tracks the prevalence of formal banking relationships among the adult population. This data point is useful for analyzing financial sector development and evaluating progress towards greater financial inclusion.
Methodology
The data is collected and reported by the World Bank based on information provided by central banks and national statistical agencies.
Historical Context
Policymakers and economists use this indicator to benchmark Jamaica's financial system depth and accessibility compared to regional and global peers.
Key Facts
- Jamaica had 721 deposit accounts per 1,000 adults in 2017.
- The trend has increased from 677 accounts per 1,000 adults in 2011.
- Access to formal banking lags behind the Latin America and Caribbean regional average.
FAQs
Q: What does this economic trend measure?
A: This trend measures the number of deposit accounts with commercial banks per 1,000 adults in Jamaica. It provides insights into financial inclusion and access to basic banking services in the country.
Q: Why is this trend relevant for users or analysts?
A: This indicator is useful for analyzing financial sector development and evaluating progress towards greater financial inclusion in Jamaica.
Q: How is this data collected or calculated?
A: The data is collected and reported by the World Bank based on information provided by central banks and national statistical agencies.
Q: How is this trend used in economic policy?
A: Policymakers and economists use this indicator to benchmark Jamaica's financial system depth and accessibility compared to regional and global peers.
Q: Are there update delays or limitations?
A: The data is published annually with some delay, and may not fully capture informal financial activities.
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Citation
U.S. Federal Reserve, Use of Financial Services: Key Indicators, Deposit Accounts with Commercial Banks Per 1000 Adults for Jamaica (JAMFCAODCANUM), retrieved from FRED.