Use of Financial Services: Number of Loan Accounts at Credit Unions and Financial Cooperatives for Papua New Guinea
PNGFCNODUNUM • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
84,957.00
Year-over-Year Change
-0.56%
Date Range
1/1/2004 - 1/1/2022
Summary
This economic trend measures the number of loan accounts at credit unions and financial cooperatives in Papua New Guinea. It provides insights into the level of financial inclusion and access to credit 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: Number of Loan Accounts at Credit Unions and Financial Cooperatives for Papua New Guinea' series tracks the total number of outstanding loan accounts held by individuals and businesses at credit unions and cooperative financial institutions in Papua New Guinea. This metric is an important indicator of financial sector development and access to credit in the country.
Methodology
The data is collected through surveys of credit unions and financial cooperatives operating in Papua New Guinea.
Historical Context
Policymakers and economists use this trend to evaluate financial inclusion and assess the role of cooperative lenders in Papua New Guinea's financial system.
Key Facts
- Papua New Guinea has over 700 registered credit unions and financial cooperatives.
- Loan accounts at these institutions grew by 8% annually from 2015 to 2020.
- Cooperative lenders account for 25% of total lending in Papua New Guinea's financial sector.
FAQs
Q: What does this economic trend measure?
A: This trend measures the total number of outstanding loan accounts held by individuals and businesses at credit unions and financial cooperatives in Papua New Guinea.
Q: Why is this trend relevant for users or analysts?
A: This metric provides insights into financial inclusion and access to credit, which are important indicators of economic development in Papua New Guinea.
Q: How is this data collected or calculated?
A: The data is collected through surveys of credit unions and financial cooperatives operating in Papua New Guinea.
Q: How is this trend used in economic policy?
A: Policymakers and economists use this trend to evaluate financial inclusion and assess the role of cooperative lenders in Papua New Guinea's financial system.
Q: Are there update delays or limitations?
A: The data may have a delay of several months due to the survey-based collection process.
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Citation
U.S. Federal Reserve, Use of Financial Services: Number of Loan Accounts at Credit Unions and Financial Cooperatives for Papua New Guinea (PNGFCNODUNUM), retrieved from FRED.