Guatemala Remittances

Guatemala

Guatemala: Growth in remittances slows in May

June 6, 2014

In May, remittances from workers abroad rose 3.6% over the same month last year, reaching USD 494 million. May’s increase came in well below the 8.7% rise observed in April and marked the slowest increase since November 2013.

In the 12 months up to April, remittances amounted to a record high USD 5.3 billion, which slightly overshot the USD 5.2 billion recorded in the previous month. May’s result marked a 7.1% increase over the same period last year, which was slightly down from the 7.3% increase observed in April.

Remittances account for nearly 10.0% 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 7.2% this year.

FocusEconomics Consensus Forecast participants see total consumption expanding 3.5% in 2014, which is unchanged from last month’s estimate. For 2015, panelists expect total consumption to also rise 3.9%.


Author:, Senior Economist

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Guatemala Remittances May 2014 1

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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