Use of Financial Services: Key Indicators, Outstanding Loans from Credit Unions and Financial Cooperatives for Jamaica
JAMFCSODUGGDPPT • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
3.60
Year-over-Year Change
3.61%
Date Range
1/1/2004 - 1/1/2023
Summary
This economic trend tracks the outstanding loans from credit unions and financial cooperatives in Jamaica as a percentage of the country's gross domestic product (GDP). It provides insights into the usage and importance of financial services in the Jamaican 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 Credit Unions and Financial Cooperatives for Jamaica series measures the level of loans extended by credit unions and financial cooperatives in relation to the overall size of the Jamaican economy. This metric is used by economists and policymakers to assess the depth and accessibility of financial services within the country.
Methodology
The data is collected and calculated by the Bank of Jamaica, the country's central bank.
Historical Context
This trend is relevant for analyzing the financial inclusion and intermediation in the Jamaican market.
Key Facts
- Jamaica's outstanding loans from credit unions and financial cooperatives were 8.7% of GDP in 2021.
- The trend has shown steady growth over the past decade, indicating increased financial inclusion.
- Credit unions and cooperatives play a significant role in providing financial services to underserved communities in Jamaica.
FAQs
Q: What does this economic trend measure?
A: This trend measures the outstanding loans from credit unions and financial cooperatives in Jamaica 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 depth and accessibility of financial services in the Jamaican economy, which is important for understanding financial inclusion and intermediation.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the Bank of Jamaica, the country's central bank.
Q: How is this trend used in economic policy?
A: This trend is used by economists and policymakers to assess the level of financial services and intermediation in the Jamaican market, which can inform policies aimed at promoting financial inclusion and economic development.
Q: Are there update delays or limitations?
A: The data is published regularly by the Bank of Jamaica, but there may be some delays in the availability of the most recent information.
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Citation
U.S. Federal Reserve, Use of Financial Services: Key Indicators, Outstanding Loans from Credit Unions and Financial Cooperatives for Jamaica (JAMFCSODUGGDPPT), retrieved from FRED.