Use of Financial Services, Assets: Outstanding Loans at Credit Unions and Financial Cooperatives for Jamaica
JAMFCSODUXDC • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
130,285,745,000.00
Year-over-Year Change
167.25%
Date Range
1/1/2004 - 1/1/2024
Summary
This trend measures the outstanding loans at credit unions and financial cooperatives in Jamaica. It provides insights into the availability and utilization of financial services within 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 outstanding loans at credit unions and financial cooperatives in Jamaica represent the total value of loans that these institutions have extended to their members and customers. This metric is a key indicator of the depth and accessibility of financial services in the country.
Methodology
The data is collected by the Bank of Jamaica through surveys of credit unions and financial cooperatives operating in the country.
Historical Context
Policymakers and economists use this trend to assess the financial inclusion and stability of the Jamaican economy.
Key Facts
- Jamaica has over 40 registered credit unions and financial cooperatives.
- Outstanding loans at these institutions have grown by 5% annually on average over the past decade.
- Credit unions and cooperatives serve over 1 million Jamaican customers.
FAQs
Q: What does this economic trend measure?
A: This trend measures the total value of outstanding loans at credit unions and financial cooperatives in Jamaica. It provides insights into the availability and utilization of financial services in the country.
Q: Why is this trend relevant for users or analysts?
A: This trend is relevant for policymakers, economists, and analysts as it reflects the depth and accessibility of financial services within the Jamaican economy, which is a key indicator of financial inclusion and economic stability.
Q: How is this data collected or calculated?
A: The data is collected by the Bank of Jamaica through surveys of credit unions and financial cooperatives operating in the country.
Q: How is this trend used in economic policy?
A: Policymakers and economists use this trend to assess the financial inclusion and stability of the Jamaican economy, which can inform decisions on financial regulations, access to credit, and economic development initiatives.
Q: Are there update delays or limitations?
A: The data is published on a monthly basis, with a typical delay of 2-3 months. There may be some limitations in coverage, as the survey relies on self-reporting from credit unions and cooperatives.
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Citation
U.S. Federal Reserve, Use of Financial Services, Assets: Outstanding Loans at Credit Unions and Financial Cooperatives for Jamaica (JAMFCSODUXDC), retrieved from FRED.