Guatemala Remittances August 2022

Guatemala

Guatemala: Growth in remittances accelerate in August

September 9, 2022

Remittances rose to USD 1,642.7 million in August and annual growth accelerated to 18.3% year on year in the month (July: +1.2% yoy). Furthermore, on a 12-month rolling basis, remittances increased 23.3% year on year in August, down from July’s 24.5% rise.

Remittances are an important source of income for Guatemalan households, and they tend to follow labor market changes in the United States, where the majority of remittances originate. The US economy will continue to boost remittances and household expenditure in Guatemala. However, economic development in the United States is expected to slow, which may weigh on inflows and consequently private spending. The conflict in Ukraine adds another negative risk.

FocusEconomics Consensus Forecast participants see private consumption expanding 4.6% in 2022, which is down 0.1 percentage points from last month, and increasing 3.2% in 2023.


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Guatemala Remittances August 2022



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