Guatemala: Remittances growth accelerates in April
April 6, 2016
In April, remittances from workers abroad rose 20.9% over the same month last year, reaching USD 609.3 million. April’s figure was up from March’s 11.9% increase and marked the sixth consecutive month of double-digit growth.
In the 12 months up to April, remittances amounted to an all-time high of USD 6.6 billion, up from USD 6.5 billion in March. April’s cumulative reading represented a 15.7% increase over the same period of the previous year and an acceleration from March’s 14.1% increase.
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