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.