Use of Financial Services: Key Indicators, Household Deposit Accounts with Commercial Banks Per 1000 Adults for Guinea
GINFCAODCHANUM • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
127.89
Year-over-Year Change
285.30%
Date Range
1/1/2004 - 1/1/2023
Summary
This economic indicator tracks the number of household deposit accounts per 1,000 adults with commercial banks in Guinea. It provides insights into financial inclusion and the use of formal 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 number of household deposit accounts with commercial banks per 1,000 adults is a key measure of financial access and utilization. It reflects the extent to which the adult population in Guinea is engaged with the formal banking system, which is crucial for economic development and poverty reduction.
Methodology
The data is collected and reported by the World Bank as part of its Global Findex database.
Historical Context
This indicator is used by policymakers, economists, and development organizations to evaluate financial inclusion policies and progress in Guinea.
Key Facts
- Guinea's household deposit accounts per 1,000 adults was 194.52 in 2017.
- Financial inclusion has been a key policy priority in Guinea to promote economic growth.
- Access to formal banking services remains limited in rural and low-income areas of Guinea.
FAQs
Q: What does this economic trend measure?
A: This indicator measures the number of household deposit accounts per 1,000 adults held with commercial banks in Guinea. It provides insights into the level of financial inclusion and utilization of formal banking services in the country.
Q: Why is this trend relevant for users or analysts?
A: The number of household deposit accounts is a crucial metric for evaluating financial inclusion and access to the formal banking system, which are essential for economic development and poverty reduction in Guinea.
Q: How is this data collected or calculated?
A: The data is collected and reported by the World Bank as part of its Global Findex database, which is a comprehensive measure of how adults save, borrow, make payments, and manage risk.
Q: How is this trend used in economic policy?
A: Policymakers, economists, and development organizations in Guinea use this indicator to assess the progress of financial inclusion initiatives and inform policies aimed at expanding access to formal banking services.
Q: Are there update delays or limitations?
A: The Global Findex data, including the household deposit accounts indicator for Guinea, is updated every three years. There may be limitations in data coverage or accuracy in certain regions or demographic groups.
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Citation
U.S. Federal Reserve, Use of Financial Services: Key Indicators, Household Deposit Accounts with Commercial Banks Per 1000 Adults for Guinea (GINFCAODCHANUM), retrieved from FRED.