Guatemala Remittances


Guatemala: Growth in remittances rises in December

January 8, 2015

In December, remittances from workers abroad rose 10.9% over the same month last year, reaching USD 496.0 million. December’s figure marked a notable acceleration over the 5.8% rise observed in November and marked the highest growth rate in five months.

In the 12 months up to December, remittances matched November’s record high of USD 5.5 billion. December’s result marked an 8.6% increase over the same period last year (November: +8.5% year-on-year).

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

FocusEconomics Consensus Forecast participants see total consumption expanding 3.9% in 2015, which is unchanged from last month’s estimate. For 2016, panelists expect total consumption to rise 3.9%.

Author: Angela Bouzanis, Senior Economist

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Guatemala Remittances Chart

Guatemala Remittances December 2014

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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