Use of Financial Services: Key Indicators, Outstanding Deposits with Commercial Banks for Colombia
COLFCLODCGGDPPT • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
41.40
Year-over-Year Change
35.23%
Date Range
1/1/2004 - 1/1/2023
Summary
This trend measures the outstanding deposits with commercial banks in Colombia as a percentage of the country's gross domestic product (GDP). It provides insight into the level of financial inclusion and the public's trust in the banking system.
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 deposits with commercial banks in Colombia is an important indicator of the depth and breadth of the country's financial services sector. It reflects the degree to which the population utilizes formal banking channels for saving and transaction needs.
Methodology
The data is collected by the Central Bank of Colombia and reported as a percentage of GDP.
Historical Context
This metric is closely watched by policymakers and analysts to assess the financial health and development of the Colombian economy.
Key Facts
- The outstanding deposits with commercial banks in Colombia reached 44.5% of GDP in 2021.
- Colombia's financial inclusion rate was 85.9% in 2021, up from 77.1% in 2017.
- The Colombian government has implemented policies to promote greater access to formal financial services.
FAQs
Q: What does this economic trend measure?
A: This trend measures the outstanding deposits with commercial banks in Colombia as a percentage of the country's gross domestic product (GDP). It indicates the level of financial inclusion and public trust in the banking system.
Q: Why is this trend relevant for users or analysts?
A: This metric is important for assessing the depth and development of Colombia's financial services sector, which is a key driver of economic growth and stability.
Q: How is this data collected or calculated?
A: The data is collected by the Central Bank of Colombia and reported as a percentage of GDP.
Q: How is this trend used in economic policy?
A: Policymakers and analysts closely monitor this indicator to evaluate the financial health and development of the Colombian economy, and to inform policies aimed at promoting greater financial inclusion.
Q: Are there update delays or limitations?
A: The data is typically released with a lag of a few months, and may be subject to revisions by the Central Bank of Colombia.
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Citation
U.S. Federal Reserve, Use of Financial Services: Key Indicators, Outstanding Deposits with Commercial Banks for Colombia (COLFCLODCGGDPPT), retrieved from FRED.