Use of Financial Services: Key Indicators, Outstanding Deposits with Commercial Banks for Jamaica
JAMFCLODCGGDPPT • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
56.79
Year-over-Year Change
76.09%
Date Range
1/1/2004 - 1/1/2023
Summary
This economic trend measures the outstanding deposits with commercial banks in Jamaica as a percentage of GDP. It provides insight into the level of financial intermediation and access to banking services in the Jamaican 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 Use of Financial Services: Key Indicators, Outstanding Deposits with Commercial Banks for Jamaica series tracks the total value of deposits held with commercial banks in the country as a proportion of its gross domestic product. This metric serves as an indicator of financial deepening and the extent to which the population is integrated into the formal banking system.
Methodology
The data is collected and calculated by the Central Bank of Jamaica based on reports from commercial banks.
Historical Context
This trend is closely monitored by policymakers and analysts to assess the development of Jamaica's financial sector and overall economic stability.
Key Facts
- Jamaica's commercial bank deposits were 40.7% of GDP in 2021.
- This metric has increased from 34.8% in 2010, indicating financial sector growth.
- High deposit levels are associated with greater financial inclusion and economic development.
FAQs
Q: What does this economic trend measure?
A: This trend measures the total value of deposits held with commercial banks in Jamaica as a percentage of the country's gross domestic product.
Q: Why is this trend relevant for users or analysts?
A: This metric provides insight into the level of financial intermediation and access to banking services in the Jamaican economy, which is an important indicator of financial sector development and economic stability.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the Central Bank of Jamaica based on reports from commercial banks operating in the country.
Q: How is this trend used in economic policy?
A: Policymakers and analysts closely monitor this trend to assess the development of Jamaica's financial sector and overall economic stability, as it is a key indicator of financial deepening and the extent of the population's integration into the formal banking system.
Q: Are there update delays or limitations?
A: The data is published regularly by the Central Bank of Jamaica, with minimal update delays. However, the metric may be subject to changes in the reporting practices of commercial banks or revisions to GDP figures.
Related Trends
Stock Market Total Value Traded to GDP for Jamaica
DDDM02JMA156NWDB
Bank Lending Deposit Spread for Jamaica
DDEI02JMA156NWDB
General Government Net Lending/Borrowing for Jamaica
JAMGGXCNLGDP
Number of Identified Exporters to Jamaica from Nebraska
NEJAMA475SCEN
Geographical Outreach: Number of Automated Teller Machines (ATMs), Country Wide for Jamaica
JAMFCACNUM
People 15 Years and Over Saving at a Financial Institution in the Past Year for Jamaica
DDAI06JMA156NWDB
Citation
U.S. Federal Reserve, Use of Financial Services: Key Indicators, Outstanding Deposits with Commercial Banks for Jamaica (JAMFCLODCGGDPPT), retrieved from FRED.