Guatemala: Growth in remittances declines in January
February 11, 2015
In January, remittances from workers abroad rose 3.4% over the same month of the previous year, reaching USD 407 million. January’s figure marked a notable deceleration from the 10.9% rise tallied in December and marked the lowest reading in over a year.
In the 12 months up to January, remittances inched up from December’s 5.5 billion to 5.6 billion. January’s result marked a multi-year high and represented an 8.1% increase over the same period of the previous year (December: +8.6% 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.
Author: Cecilia Simkievich, Economist