Use of Financial Services: Key Indicators, Outstanding Deposits with Credit Unions and Financial Cooperatives for Senegal
SENFCLODUGGDPPT • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
2.18
Year-over-Year Change
13.06%
Date Range
1/1/2019 - 1/1/2023
Summary
This economic indicator tracks the outstanding deposits with credit unions and financial cooperatives in Senegal as a percentage of the country's Gross Domestic Product (GDP). It provides insight into the level of financial inclusion and the utilization of formal financial services in the Senegalese 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 Deposits with Credit Unions and Financial Cooperatives for Senegal' measures the total value of deposits held with credit unions and financial cooperatives in Senegal, expressed as a percentage of the country's GDP. This metric is used to assess the depth and penetration of formal financial services within the Senegalese population.
Methodology
The data is collected and reported by the International Monetary Fund (IMF) as part of its Financial Access Survey (FAS).
Historical Context
This indicator is relevant for policymakers and financial institutions seeking to understand financial inclusion and the development of the Senegalese financial sector.
Key Facts
- Senegal's outstanding deposits with credit unions and financial cooperatives were 5.7% of GDP in 2020.
- The indicator has shown a steady increase over the past decade, indicating growing financial inclusion.
- Credit unions and cooperatives play a significant role in providing financial services to rural and underserved populations in Senegal.
FAQs
Q: What does this economic trend measure?
A: This indicator tracks the total value of deposits held with credit unions and financial cooperatives in Senegal, expressed as a percentage of the country's Gross Domestic Product (GDP).
Q: Why is this trend relevant for users or analysts?
A: This metric provides insight into the level of financial inclusion and the utilization of formal financial services within the Senegalese economy, which is relevant for policymakers and financial institutions.
Q: How is this data collected or calculated?
A: The data is collected and reported by the International Monetary Fund (IMF) as part of its Financial Access Survey (FAS).
Q: How is this trend used in economic policy?
A: This indicator is used by policymakers and financial institutions to understand the development of the Senegalese financial sector and to inform policies aimed at promoting financial inclusion.
Q: Are there update delays or limitations?
A: The data is published annually by the IMF, and there may be some delay in the availability of the most recent figures.
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Citation
U.S. Federal Reserve, Use of Financial Services: Key Indicators, Outstanding Deposits with Credit Unions and Financial Cooperatives for Senegal (SENFCLODUGGDPPT), retrieved from FRED.