Guatemala Remittances March 2017


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.

FocusEconomics Consensus Forecast participants see total consumption expanding 4.3% in 2017, which is up 0.2 percentage points from last month’s estimate. For 2018, panelists expect total consumption to increase 3.7%.

Author:, Economist

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Guatemala Remittances Chart

Guatemala Remittances March 2017

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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