Guatemala Remittances


Guatemala: Growth in remittances rises in November

December 5, 2014

In November, remittances from workers abroad rose 5.8% over the same month last year, reaching USD 398.3 million. November’s figure marked an acceleration over the 4.3% rise observed in October.

In the 12 months up to November, remittances matched October’s record high of USD 5.5 billion. November’s result marked an 8.5% increase over the same period last year (October: +8.2% 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. The Central Bank expects remittances to grow around 8.5% this year.

FocusEconomics Consensus Forecast participants see total consumption expanding 3.9% in 2014, which is unchanged from last month’s estimate. For 2015, panelists expect total consumption to rise 3.9%, which is also unchanged from the previous month’s forecast.

Author: Angela Bouzanis, Senior Economist

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Guatemala Remittances Chart

Guatemala Remittances November 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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