Guatemala: Remittances expand strongly in October
November 14, 2012
In October, remittances from workers abroad rose a strong 16.4% over the same month last year to USD 415 million. The figure came in well above the 0.3% increase observed in September and marked the highest growth rate seen in three months. In the last 12 months up to October, remittances amounted to USD 4.7 billion, which was unchanged from the result observed in the previous month. The figure represents a 9.0% expansion over the corresponding period last year, up from the 8.1% increase seen in September. 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.