People 15 Years and Over with Account at a Formal Financial Institution for Dominican Republic
DDAI05DOA156NWDB • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
49.55
Year-over-Year Change
29.69%
Date Range
1/1/2011 - 1/1/2021
Summary
This economic trend measures the percentage of people aged 15 and older in the Dominican Republic who have an account at a formal financial institution. It provides insights into financial inclusion and access to banking services in the country.
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 'People 15 Years and Over with Account at a Formal Financial Institution for Dominican Republic' data series tracks the share of the adult population in the Dominican Republic that utilizes formal banking services. This metric is an important indicator of financial development and inclusion within the economy.
Methodology
The data is collected through household surveys and compiled by the World Bank.
Historical Context
This trend is used by policymakers, researchers, and financial institutions to assess progress towards increasing access to banking and financial services.
Key Facts
- Over 55% of adults in the Dominican Republic had a formal financial account in 2017.
- Financial inclusion has increased significantly in the Dominican Republic over the past decade.
- Access to banking services is an important driver of economic growth and poverty reduction.
FAQs
Q: What does this economic trend measure?
A: This trend measures the percentage of people aged 15 and older in the Dominican Republic who have an account at a formal financial institution such as a bank, credit union, microfinance institution, or mobile money provider.
Q: Why is this trend relevant for users or analysts?
A: Financial inclusion is a key indicator of economic development, as access to banking services and formal financial products can facilitate savings, investment, and broader participation in the economy.
Q: How is this data collected or calculated?
A: The data is collected through household surveys and compiled by the World Bank.
Q: How is this trend used in economic policy?
A: Policymakers, researchers, and financial institutions use this trend to assess progress towards increasing access to banking and financial services, which is a priority for fostering inclusive economic growth.
Q: Are there update delays or limitations?
A: The World Bank's Global Findex database, which includes this data series, is updated every three years, so there may be some delay in the most recent figures.
Related Trends
Life Insurance Premium Volume to GDP for Dominican Republic
DDDI09DOA156NWDB
Value of Exports to Dominican Republic from Rhode Island
RIDOMA052SCEN
Use of Financial Services, Liabilities: Outstanding Deposits by Households at Commercial Banks for Dominican Republic
DOMFCLODCHXDC
Number of Identified Exporters to Dominican Republic from Maryland
MDDOMA475SCEN
Use of Financial Services: Number of Depositors at Other Financial Corporations for Dominican Republic
DOMFCDOFPENUM
Number of Identified Exporters to Dominican Republic from Delaware
DEDOMA475SCEN
Citation
U.S. Federal Reserve, People 15 Years and Over with Account at a Formal Financial Institution for Dominican Republic (DDAI05DOA156NWDB), retrieved from FRED.