Guatemala Remittances April 2016

Guatemala

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.

FocusEconomics Consensus Forecast participants see total consumption expanding 3.7% in 2016, which is up 0.2 percentage points from last month’s estimate. For 2017, also panelists expect total consumption to increase 3.5%.


Author:, Economist

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Guatemala Remittances April 2016

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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