Number of Bank Accounts for Singapore
DDAI01SGA642NWDB • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
2,404.87
Year-over-Year Change
20.05%
Date Range
1/1/2004 - 1/1/2020
Summary
The 'Number of Bank Accounts for Singapore' metric tracks the total number of bank accounts held by individuals and businesses in Singapore. This data provides insights into the country's financial inclusion and banking sector activity.
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
This economic indicator represents the total number of deposit accounts, including both personal and commercial accounts, held at banks and other deposit-taking institutions in Singapore. It serves as a proxy for the level of financial intermediation and access to banking services within the Singaporean economy.
Methodology
The data is collected and reported annually by the World Bank as part of its Global Financial Development Database.
Historical Context
Policymakers and economists use this metric to assess the depth and inclusiveness of Singapore's financial system.
Key Facts
- Singapore has one of the highest rates of bank account ownership globally.
- The number of bank accounts in Singapore has grown steadily over the past decade.
- Singapore's financial sector is a major contributor to its economic development.
FAQs
Q: What does this economic trend measure?
A: The 'Number of Bank Accounts for Singapore' metric tracks the total number of deposit accounts held by individuals and businesses in Singapore's banking system.
Q: Why is this trend relevant for users or analysts?
A: This indicator provides insights into the depth and inclusiveness of Singapore's financial sector, which is a key driver of the country's overall economic performance.
Q: How is this data collected or calculated?
A: The data is collected and reported annually by the World Bank as part of its Global Financial Development Database.
Q: How is this trend used in economic policy?
A: Policymakers and economists use this metric to assess the accessibility and utilization of banking services in Singapore, which informs financial inclusion and stability policies.
Q: Are there update delays or limitations?
A: The data is reported on an annual basis, so there may be a delay of up to a year in the most recent figures being available.
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Citation
U.S. Federal Reserve, Number of Bank Accounts for Singapore (DDAI01SGA642NWDB), retrieved from FRED.