Guatemala: Growth in remittances slows in October
November 5, 2014
In October, remittances from workers abroad rose 4.3% over the same month last year, reaching USD 501 million. October’s figure came in markedly below the 9.1% rise observed in September.
In the 12 months up to October, remittances matched September’s record high of USD 5.5 billion. October’s result marked a 8.2% increase over the same period last year (September: +9.2% 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 7.2% this year.