Use of Financial Services: Key Indicators, Outstanding Loans from Credit Unions and Financial Cooperatives for Barbados
BRBFCSODUGGDPPT • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
15.94
Year-over-Year Change
23.77%
Date Range
1/1/2008 - 1/1/2023
Summary
This economic trend measures outstanding loans from credit unions and financial cooperatives in Barbados as a percentage of the country's gross domestic product (GDP). It provides insights into the usage and reliance on alternative financial services in the Barbadian 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 Loans from Credit Unions and Financial Cooperatives for Barbados series tracks the total value of outstanding loans from credit unions and financial cooperatives in Barbados. This metric offers a window into the role of non-traditional financial institutions in providing credit and banking services to businesses and individuals.
Methodology
The data is collected and reported by the Central Bank of Barbados.
Historical Context
This trend is used by economists and policymakers to assess the depth and breadth of financial inclusion in Barbados.
Key Facts
- Credit unions and financial cooperatives account for over 10% of Barbados' GDP in outstanding loans.
- The use of alternative financial services has grown steadily in Barbados over the past decade.
- Barbados has one of the highest rates of credit union and cooperative financial service usage in the Caribbean region.
FAQs
Q: What does this economic trend measure?
A: This trend measures the outstanding loans from credit unions and financial cooperatives in Barbados as a percentage of the country's gross domestic product (GDP).
Q: Why is this trend relevant for users or analysts?
A: This metric provides insights into the role and importance of alternative financial institutions in Barbados, which is relevant for assessing financial inclusion and access to credit in the economy.
Q: How is this data collected or calculated?
A: The data is collected and reported by the Central Bank of Barbados.
Q: How is this trend used in economic policy?
A: Policymakers and economists use this trend to evaluate the depth and breadth of financial services in Barbados, which can inform decisions about financial regulation, inclusion, and development.
Q: Are there update delays or limitations?
A: The data is published regularly by the Central Bank of Barbados, but there may be occasional delays in reporting or revisions to historical figures.
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Citation
U.S. Federal Reserve, Use of Financial Services: Key Indicators, Outstanding Loans from Credit Unions and Financial Cooperatives for Barbados (BRBFCSODUGGDPPT), retrieved from FRED.