Guatemala: Growth in remittances accelerates in March
April 7, 2017
In March, remittances from workers abroad increased 18.8% from the same month last year, reaching USD 740 million and marking a sharp acceleration from February’s 10.0% expansion.
In the 12 months up to March, remittances increased to an all-time high of USD 7.4 billion. March’s cumulative transactions represented a 13.5% increase from the same period of the year before and followed February’s 12.9% increase.
Remittances account for over 10% of the country’s GDP and are an important source of income for Guatemalan households. Given their significance for the economy, remittances are one of the key drivers of private consumption in the country.
Author: Christopher Mc Innes, Economist