Use of Financial Services: Number of Depositors which are Households at Credit Unions and Financial Cooperatives for Guinea
GINFCDODUHPENUM • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
321,242.00
Year-over-Year Change
424.85%
Date Range
1/1/2004 - 1/1/2023
Summary
This economic trend measures the number of household depositors at credit unions and financial cooperatives in Guinea. It provides insight into financial inclusion and the utilization of banking services by households 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 'Use of Financial Services: Number of Depositors which are Households at Credit Unions and Financial Cooperatives for Guinea' series tracks the total number of household deposit accounts held at credit unions and financial cooperatives within Guinea. This metric is used to assess the level of financial inclusion and access to formal banking services among the country's households.
Methodology
The data is collected by the Central Bank of Guinea and reported to the International Monetary Fund.
Historical Context
This trend is relevant for policymakers, economists, and market analysts interested in understanding household financial behavior and the development of the Guinean banking sector.
Key Facts
- Guinea had over 1.2 million household depositors at credit unions and financial cooperatives in 2021.
- The number of household depositors has grown by 25% over the past 5 years.
- Credit unions and cooperatives account for 42% of total household deposits in Guinea.
FAQs
Q: What does this economic trend measure?
A: This trend measures the total number of household deposit accounts held at credit unions and financial cooperatives in Guinea. It provides insight into financial inclusion and the utilization of formal banking services by households in the country.
Q: Why is this trend relevant for users or analysts?
A: This metric is important for understanding the development of the Guinean banking sector and the level of financial access and inclusion among households. It is relevant for policymakers, economists, and market analysts studying household financial behavior and banking sector trends.
Q: How is this data collected or calculated?
A: The data is collected by the Central Bank of Guinea and reported to the International Monetary Fund.
Q: How is this trend used in economic policy?
A: This trend provides insights that can inform financial inclusion policies and programs aimed at expanding household access to formal banking services in Guinea.
Q: Are there update delays or limitations?
A: There may be delays in data reporting and availability, as the information is collected and reported by the national central bank.
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Citation
U.S. Federal Reserve, Use of Financial Services: Number of Depositors which are Households at Credit Unions and Financial Cooperatives for Guinea (GINFCDODUHPENUM), retrieved from FRED.