Colorful city in Guatemala

Guatemala Remittances June 2022

Guatemala: Growth in remittances cools in June

Remittances rose to a record-high USD 1,666.2 million in June, but annual growth decelerated to 22.3% year on year in the month (May: +28.8% yoy). Furthermore, on a 12-month rolling basis, remittances increased 26.9% year on year in June, down from May’s 28.5% rise.

Remittance are a key source of income for families in Guatemala and tend to follow labor market trends in the United States, where the majority of remittances originate from. The U.S. economy is expected to continue supporting remittances and household spending in Guatemala. However, economic growth is set to ease in the U.S., which could weigh on inflows and thus private consumption. The war in Ukraine adds a further downside risk.

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