Guatemala: Remittance inflows grow at stronger pace in October
Remittances totaled a record-high of USD 1,418.5 million in October, rising 25.2% year-on-year (September: +23.6% yoy). In the 12 months up to October, remittances totaled USD 14.6 billion (September: USD 14.3 billion), the highest print on record. The 12-month rolling sum marked a 33.0% increase from a year prior (September: 32.0% 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.