Guatemala: Remittances accelerate further in January
February 7, 2014
In January, remittances from workers abroad rose 10.1% over the same month last year, reaching USD 394 million. The increase came in above the 9.3% rise recorded in December and marked the fastest expansion in three months.
In the 12 months up to January, remittances amounted to USD 5.1 billion, matching the result recorded in the previous month. The print marks a 6.3% increase over the corresponding period of the previous year (December: +6.7% year-on-year).
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.
FocusEconomics Consensus Forecast participants see total consumption expanding 3.7% in 2014, which is unchanged from last month's estimate. For 2015, panelists expect total consumption to rise 3.8%.