Use of Financial Services: Key Indicators, Outstanding Deposits of Households with Commercial Banks for Guinea
GINFCLODCHGGDPPT • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
6.20
Year-over-Year Change
80.08%
Date Range
1/1/2004 - 1/1/2023
Summary
This economic trend measures the outstanding deposits of households with commercial banks in Guinea as a percentage of the country's gross domestic product (GDP). It provides insights into the use of financial services and the financial health of households.
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 of households with commercial banks in Guinea is an important indicator of the population's engagement with the formal financial system. It reflects the level of trust in banks, household savings, and overall financial inclusion in the country.
Methodology
The data is collected and calculated by the Guinea central bank.
Historical Context
This trend is closely monitored by policymakers and financial institutions to assess the stability and growth potential of the Guinean banking sector.
Key Facts
- Guinea's household deposits were 7.8% of GDP in 2020.
- Household deposits have grown by an average of 4% annually over the past decade.
- Financial inclusion remains a challenge, with only 15% of adults having a bank account.
FAQs
Q: What does this economic trend measure?
A: This trend measures the outstanding deposits of households with commercial banks in Guinea as a percentage of the country's gross domestic product (GDP).
Q: Why is this trend relevant for users or analysts?
A: This trend provides insights into the financial health and inclusion of Guinean households, which is crucial for understanding the stability and growth potential of the country's banking sector.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the Guinea central bank.
Q: How is this trend used in economic policy?
A: Policymakers and financial institutions closely monitor this trend to assess the financial inclusion and savings behavior of Guinean households, which informs decisions on banking regulations, financial literacy programs, and economic development strategies.
Q: Are there update delays or limitations?
A: The data is published with a delay of several months, and may not capture the full extent of financial services usage in the informal sector.
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Citation
U.S. Federal Reserve, Use of Financial Services: Key Indicators, Outstanding Deposits of Households with Commercial Banks for Guinea (GINFCLODCHGGDPPT), retrieved from FRED.