Guatemala: Growth in remittances eases in August
September 6, 2014
In August, remittances from workers abroad rose 4.5% over the same month last year, reaching USD 477 million. August’s increase came in markedly below the 14.4% rise observed in July.
In the 12 months up to August, remittances amounted to the record high of USD 5.4 billion that was also recorded in July. August’s result marked a 9.6% increase over the same period last year, which also matched the increase observed in July.
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.