Guatemala: Remittances expand at fastest pace in six months
February 5, 2013
In January, remittances from workers abroad soared 17.3% over the same month last year to reach USD 358 million. The figure came in well above the 8.1% increase observed in December (previously reported: +7.9% year-on-year) and marked, in fact, the strongest reading since July 2012.
In the last 12 months up to January, remittances amounted to USD 4.8 billion, which was unchanged from the result observed in the previous month. The figure represents a 9.9% expansion over the corresponding period last year (December: +9.2% yoy).
Remittances account for approximately 9% of GDP and are an important source of income for many Guatemalan families. Given its significance to the economy, remittances are one of the key drivers of private consumption in the country.