Guatemala: Remittances continue to climb in June
July 9, 2015
In June, remittances from workers abroad rose 11.3% over the same month last year, reaching USD 536.0 million. June’s figure marked a drastic acceleration from the 5.0% increase tallied in May.
In the 12 months up to June, remittances amounted to an all-time high of USD 5.8 billion. June’s cumulative reading represented an 8.7% increase over the same period of last year (May: +9.0% 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