Guatemala: Remittances climb in August
September 7, 2016
In August, remittances from workers abroad increased 17.4% over the same month last year, reaching USD 619 million and contrasting July’s 6.6% contraction.
In the 12 months up to August, remittances amounted to an all-time high of USD 6.9 billion, up from July’s USD 6.8 billion. August’s cumulative reading represented a 15.9% increase over the same period of last year and was up from July’s 15.4% increase.
Remittances account for nearly 10% of the country’s GDP and are an important source of income for Guatemalan households. Given their significance for the economy, remittances are one of the key drivers of private consumption in the country.
Author: Christopher Mc Innes, Economist