Use of Financial Services: Key Indicators, Outstanding Deposits with Commercial Banks for Guinea-Bissau
GNBFCLODCGGDPPT • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
24.27
Year-over-Year Change
64.30%
Date Range
1/1/2004 - 1/1/2022
Summary
This economic indicator measures the outstanding deposits with commercial banks in Guinea-Bissau as a percentage of its gross domestic product (GDP). It provides insights into the use of formal financial services within 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: Key Indicators, Outstanding Deposits with Commercial Banks for Guinea-Bissau tracks the volume of deposits held by individuals and businesses with the nation's commercial banking system. This metric offers a window into the depth and inclusiveness of the country's financial sector.
Methodology
The data is collected by the World Bank from national financial authorities and central banks.
Historical Context
Policymakers and economists use this indicator to assess the financial health and development of Guinea-Bissau's economy.
Key Facts
- Guinea-Bissau's commercial bank deposits were 8.78% of GDP in 2020.
- Deposit levels have increased from 6.58% of GDP in 2010.
- Financial inclusion remains low compared to other West African nations.
FAQs
Q: What does this economic trend measure?
A: This indicator tracks the outstanding deposits held with commercial banks in Guinea-Bissau as a percentage of its gross domestic product (GDP).
Q: Why is this trend relevant for users or analysts?
A: The volume of commercial bank deposits provides insights into the depth and accessibility of the country's financial sector, which is an important driver of economic development.
Q: How is this data collected or calculated?
A: The data is collected by the World Bank from national financial authorities and central banks.
Q: How is this trend used in economic policy?
A: Policymakers and economists use this indicator to assess the financial health and development of Guinea-Bissau's economy, which can inform policies aimed at promoting financial inclusion and economic growth.
Q: Are there update delays or limitations?
A: The data is published annually with a lag, so the most recent figures may not reflect the current state of Guinea-Bissau's financial sector.
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Citation
U.S. Federal Reserve, Use of Financial Services: Key Indicators, Outstanding Deposits with Commercial Banks for Guinea-Bissau (GNBFCLODCGGDPPT), retrieved from FRED.