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.
Author: Robert Hill, Economist