Guatemala Remittances October 2020

Guatemala

Guatemala: Growth in remittances ebbs in October

November 9, 2020

Remittances totaled USD 1,133 million in October, representing a 13.3% year-on-year jump, which follows September’s 17.8% year-on-year surge. On a 12-month moving average basis, remittances reached USD 111.0 billion in October, above the USD 10.8 registered in the prior month. October’s 12-month rolling total marked a 5.9% increase from a year earlier (September: 6.0% year-on-year).

Remittances are a key source of income for Guatemalan families and tend to follow employment trends in the United States, where the majority of remittance payments originate from.

FocusEconomics Consensus Forecast participants see private consumption expanding 4.1% in 2021, which is up 0.3 percentage points from last month, and increasing 3.5% in 2022..


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