Guatemala: Growth in remittances accelerates in September
October 7, 2014
In September, remittances from workers abroad rose 9.1% over the same month last year, reaching USD 459 million. September’s increase came in markedly above the 4.5% rise observed in August.
In the 12 months up to September, remittances amounted to a record high of USD 5.5 billion that was slightly above August’s previous record of 5.4 billion. September’s result marked a 9.2% increase over the same period last year (August: +9.6% year-on-year).
Remittances account for nearly 10% of the country’s GDP and are an important source of income for Guatemalan households. Given their significance to the economy, remittances are one of the key drivers of private consumption in the country. The Central Bank expects remittances to grow around 7.2% this year.