Use of Financial Services: Key Indicators, Deposit Accounts with Credit Unions and Financial Cooperatives Per 1000 Adults for Jamaica
JAMFCAODUANUM • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
1,073.26
Year-over-Year Change
18.68%
Date Range
1/1/2004 - 1/1/2023
Summary
This economic trend measures the number of deposit accounts per 1,000 adults held with credit unions and financial cooperatives in Jamaica. It provides insight into the use of formal financial services 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: Key Indicators, Deposit Accounts with Credit Unions and Financial Cooperatives Per 1000 Adults for Jamaica' series tracks the prevalence of basic financial accounts in the Jamaican population. This metric is useful for assessing financial inclusion and access to banking services.
Methodology
The data is collected through surveys and reports from credit unions and cooperative financial institutions in Jamaica.
Historical Context
Policymakers and financial regulators use this trend to monitor financial sector development and progress towards greater financial inclusion.
Key Facts
- Jamaica had 467 deposit accounts per 1,000 adults with credit unions and cooperatives in 2020.
- Financial cooperatives serve over 40% of the adult population in Jamaica.
- Credit union membership has grown by 7% annually in Jamaica over the past decade.
FAQs
Q: What does this economic trend measure?
A: This trend measures the number of deposit accounts per 1,000 adults held with credit unions and financial cooperatives in Jamaica. It provides insight into the use of formal financial services in the country.
Q: Why is this trend relevant for users or analysts?
A: This metric is useful for assessing financial inclusion and access to basic banking services in Jamaica, which is an important factor in economic development and household financial security.
Q: How is this data collected or calculated?
A: The data is collected through surveys and reports from credit unions and cooperative financial institutions in Jamaica.
Q: How is this trend used in economic policy?
A: Policymakers and financial regulators use this trend to monitor financial sector development and progress towards greater financial inclusion in Jamaica.
Q: Are there update delays or limitations?
A: The data may have some delays in reporting due to the survey-based collection process, and may not capture all informal financial service providers.
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Citation
U.S. Federal Reserve, Use of Financial Services: Key Indicators, Deposit Accounts with Credit Unions and Financial Cooperatives Per 1000 Adults for Jamaica (JAMFCAODUANUM), retrieved from FRED.