Guatemala Remittances January 2017

Guatemala

Guatemala: Growth in remittances gains momentum in January

February 8, 2017

In January, remittances from workers abroad increased 21.9% from the same month last year, reaching USD 587.6 million and marking a strong acceleration from December’s 13.4% expansion.

In the 12 months up to January, remittances reached a new all-time high of USD 7.3 billion. January’s cumulative transactions represented a 14.2% increase from the same period of the year before and followed December’s 13.9% increase.

Remittances account for over 10% of the country’s GDP and are an important source of income for Guatemalan households. Given their significance for the economy, remittances are one of the key drivers of private consumption in the country.

FocusEconomics Consensus Forecast participants see total consumption expanding 3.6% in 2017, which is unchanged from last month’s estimate. For 2018, panelists expect total consumption to increase 3.5%.


Author:, Economist

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Guatemala Remittances January 2017

Note: Monthly remittances in USD million and 12-month sum of remittances in USD billion.
Source: Guatemala Central Bank and FocusEconomics calculations.


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