Guatemala Remittances May 2017

Guatemala

Guatemala: Growth in remittances accelerates in May

June 7, 2017

In May, remittances from workers abroad increased 19.5% from the same month last year, reaching USD 747.4 million and marking a sharp acceleration from April’s 5.0% expansion.

In the 12 months up to May, remittances increased to an all-time high of USD 7.6 billion. May’s cumulative transactions represented a 13.0% increase from the same period of the year before and followed April’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 unchanged from last month’s estimate. For 2018, panelists expect total consumption to increase 3.8%.


Author:, Economist

Sample Report

Looking for forecasts related to Remittances in Guatemala? Download a sample report now.

Download

Guatemala Remittances Chart


Guatemala Remittances May 2017

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


Guatemala Economic News

More news

Search form