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.