Guatemala: Growth in remittances slows in April
May 10, 2017
In April, remittances from workers abroad increased 5.0% from the same month last year, reaching USD 639.9 million and marking a sharp deceleration from March’s 18.8% expansion.
In the 12 months up to April, remittances increased to an all-time high of USD 7.5 billion. March’s cumulative transactions represented a 12.9% increase from the same period of the year before and followed March’s 14.3% 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