Guatemala Remittances


Remittances in November expand at fastest pace in over nine years

In November, remittances from workers abroad rose 27.7% over the same month last year, reaching USD 508.7 million. November’s figure marked a notable acceleration compared to the moderate 7.6% increase tallied in October and was the fastest expansion since August 2006. However, November’s strong growth partly benefited from a low base of comparison.

In the 12 months up to November, remittances amounted to an all-time high of USD 6.1 billion. November’s cumulative reading represented an 11.7% increase over the same period of last year, the strongest reading since June 2008 and was an improvement over October’s 10.1% increase.

Remittances account for nearly 10% of the country’s GDP and are an important source of income for Guatemalan households. Given their significance to the economy, remittances are one of the key drivers of private consumption in the country.

FocusEconomics Consensus Forecast participants see total consumption expanding 3.9% in 2015, which is unchanged from last month’s estimate. For 2016, panelists expect total consumption to inch down to 3.6%, which is up 0.1 percentage points from last month’s Consensus.

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Guatemala Remittances Chart

Guatemala Remittances November 2015

Note: Monthly remittances in USD million and 12-month sum of remittances in USD billion.
Source: Guatemala Central Bank and FocusEconomics calculations.

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