Use of Financial Services: Number of Loan Accounts for Small and Medium Enterprises at Commercial Banks for Guinea
GINFCNODCSNUM • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
19,020.00
Year-over-Year Change
1171.39%
Date Range
1/1/2004 - 1/1/2023
Summary
This economic trend measures the number of loan accounts for small and medium-sized enterprises (SMEs) at commercial banks in Guinea. It provides insight into the financial services available to this crucial business segment.
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 Loan Accounts for Small and Medium Enterprises at Commercial Banks for Guinea' series tracks the count of loan accounts held by SMEs at commercial banks in the country. This data point is valuable for understanding access to financing for smaller businesses, which are vital drivers of economic growth and development.
Methodology
The data is collected by the Central Bank of Guinea through surveys of commercial banking institutions.
Historical Context
Policymakers and analysts use this trend to gauge the level of financial inclusion and SME access to credit in the Guinean economy.
Key Facts
- Guinea is a low-income country in West Africa.
- SMEs account for over 90% of businesses in Guinea.
- Access to finance is a major constraint for SME growth in the country.
FAQs
Q: What does this economic trend measure?
A: This trend measures the number of loan accounts held by small and medium enterprises (SMEs) at commercial banks in Guinea.
Q: Why is this trend relevant for users or analysts?
A: This data point provides insight into the level of financial inclusion and access to credit for smaller businesses, which are crucial for economic development in Guinea.
Q: How is this data collected or calculated?
A: The Central Bank of Guinea collects this data through surveys of commercial banking institutions in the country.
Q: How is this trend used in economic policy?
A: Policymakers and analysts use this trend to assess the state of financial services for SMEs and inform policies to promote small business growth and economic diversification.
Q: Are there update delays or limitations?
A: The data may be subject to delays in reporting by commercial banks and limited coverage of the overall SME lending market in Guinea.
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Citation
U.S. Federal Reserve, Use of Financial Services: Number of Loan Accounts for Small and Medium Enterprises at Commercial Banks for Guinea (GINFCNODCSNUM), retrieved from FRED.