Use of Financial Services: Key Indicators, Outstanding Loans from Commercial Banks to Households for Guinea
GINFCSODCHGGDPPT • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
1.80
Year-over-Year Change
143.96%
Date Range
1/1/2004 - 1/1/2023
Summary
This economic trend measures the outstanding loans from commercial banks to households in Guinea as a percentage of GDP. It provides insights into the level of financial inclusion and the role of the banking sector in Guinea's economy.
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: Key Indicators, Outstanding Loans from Commercial Banks to Households for Guinea series represents the total value of loans extended by commercial banks to households in Guinea, expressed as a percentage of the country's gross domestic product (GDP). This metric is used to assess the depth and accessibility of the financial system and gauge the financial inclusion of the population.
Methodology
The data is collected and calculated by the World Bank based on information provided by the Central Bank of Guinea and other national statistical agencies.
Historical Context
This trend is closely monitored by policymakers, economists, and financial institutions to evaluate the development and stability of Guinea's financial sector.
Key Facts
- Guinea's outstanding loans from commercial banks to households were 3.4% of GDP in 2020.
- The trend has increased from 2.3% of GDP in 2010 to 3.4% in 2020, indicating gradual financial deepening.
- Access to formal financial services remains limited in Guinea, with only 15% of adults having a bank account as of 2017.
FAQs
Q: What does this economic trend measure?
A: This trend measures the outstanding loans from commercial banks to households in Guinea as a percentage of the country's GDP, providing insights into the depth and accessibility of the financial system.
Q: Why is this trend relevant for users or analysts?
A: This trend is relevant for policymakers, economists, and financial institutions to assess the level of financial inclusion and the role of the banking sector in Guinea's economic development.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the World Bank based on information provided by the Central Bank of Guinea and other national statistical agencies.
Q: How is this trend used in economic policy?
A: This trend is closely monitored by policymakers to evaluate the development and stability of Guinea's financial sector and inform policies aimed at improving financial inclusion and access to banking services.
Q: Are there update delays or limitations?
A: The data is subject to update delays, as it relies on the timely reporting of information by national statistical agencies and the World Bank's data compilation process.
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Citation
U.S. Federal Reserve, Use of Financial Services: Key Indicators, Outstanding Loans from Commercial Banks to Households for Guinea (GINFCSODCHGGDPPT), retrieved from FRED.