Guatemala Remittances

Guatemala

Guatemala: Remittances continue to climb in July

August 6, 2015

In July, remittances from workers abroad rose 12.5% over the same month last year, reaching a series high of USD 573.7 million. July’s figure marked an acceleration from the 11.3% increase tallied in June.

In the 12 months up to July, remittances amounted to an all-time high of USD 5.9 billion. June’s cumulative reading represented an 8.6% increase over the same period of last year (June: +8.7% 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.

FocusEconomics Consensus Forecast participants see total consumption expanding 3.8% in 2015, which is unchanged from last month’s estimate. For 2016, panelists expect total consumption to inch down to 3.6%.


Author:, Economist

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Guatemala Remittances Chart


Guatemala Remittances July 2015

Note: Monthly remittances in USD million and 12-month sum of remittances in USD billion.
Source: Guatemala Central Bank and FocusEconomics calculations.


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