Guatemala: Remittances growth eases slightly in May
June 6, 2016
In May, remittances from workers abroad rose 20.5% over the same month last year, reaching USD 625.3 million. May’s figure, which was down slightly from April’s 20.9% increase, marked the seventh consecutive month of double-digit growth.
In the 12 months up to May, remittances amounted to an all-time high of USD 6.7 billion, up from USD 6.6 billion in April. May’s cumulative reading represented a 17.0% increase over the same period of last year and an acceleration from April’s 15.7% 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