Guatemala: Growth in remittances eases slightly in November
Remittances from workers abroad increased 17.1% over the same month a year earlier in November, slightly down from the 18.6% year-on-year expansion recorded in October. In November, remittances reached a total value of USD 757.1 million and growth in the 12-month moving sum accelerated to 12.5% from 11.7% in October.
Remittances are a major source of income in Guatemala and tend to follow employment trends in the United State, where most remittances originate. As such, remittances are expected to continue increasing at a healthy, albeit more moderate, pace on the heels of moderating economic growth in the United States. Moreover, a key downside risk to remittances growth is uncertainty over U.S. immigration policy.