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.
Author: Christopher Mc Innes, Economist