Guatemala: Growth in remittances eases in November
Remittances from workers abroad rose 8.3% year-on-year in November, down from the 15.8% expansion recorded in October. Remittances totaled USD 819.9 million in October, while this up from the USD 757.1 million recorded in the same month a year earlier, it is down from the USD 1,000 million registered in October 2019. Growth in the 12-month moving sum edged down from 14.3% in October to 13.6% in November.
Remittances are a key source of income for Guatemalan families and generally tend to follow employment trends in the United States, as the majority of remittances originate from there. Easing economic momentum in the U.S. coupled with uncertain immigration policies could lead to softer growth in remittances.