Colorful city in Guatemala

Guatemala Remittances March 2020

Guatemala: Remittances decline for the first time in over three years in March

Remittances from workers abroad fell 9.7% year-on-year in March, swinging from February’s 17.0% increase, and totaled USD 746.8 million (March 2019: USD 826.7 million; February 2020: USD 808.0 million). On a 12-month rolling basis, moreover, growth in remittances fell to 12.9% in March from 14.6% in the prior month.

Remittances are a key source of income for Guatemalan families and tend to follow employment trends in the United States, where the majority of remittances originate from. Going forward, the Covid-19-driven economic downturn in the U.S. should weigh heavily on remittances growth.

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