Guatemala: Growth in remittances slows in February
March 8, 2017
In February, remittances from Guatemalan workers abroad increased 10.0% from the same month last year, reaching USD 613.9 million and marking a sharp slowdown from January’s 21.9% expansion.
In the 12 months up to February, remittances remained at an all-time high of USD 7.3 billion. February’s cumulative transactions represented a 13.7% increase from the same period of the year before and followed January’s 15.1% 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