Guatemala Remittances

Guatemala

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.

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 June 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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