Guatemala: Growth in remittances surges in March
April 19, 2021
Remittances totaled USD 1,285.6 million in March, jumping 72.2% year-on-year (January: +16.7% yoy). In the 12 months up to March, remittances reached USD 12.1 billion, up from February’s USD 11.5 billion. The 12-month rolling sum marked a 13.0% increase from a year prior (February: 7.2% yoy).
Remittances are a key source of income for Guatemalan families and tend to follow employment trends in the United States, where the majority of remittance payments originate from. As such, the expected recovery in the U.S. amid vast government stimulus should boost remittances inflows and support the Guatemalan economy.