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.
Author: Christopher Mc Innes, Economist