Guatemala Remittances October 2016


Guatemala: Remittances growth slows in October

November 4, 2016

In October, remittances from workers abroad increased 3.8% from the same month last year, reaching USD 606 million and marking a drastic deceleration from September’s 12.9% expansion.

In the 12 months up to October, remittances reached a new all-time high of USD 7.0 billion. October’s cumulative reading represented a 15.1% increase from the same period of last year and was down from September’s 16.3% increase.

Remittances account for nearly 10% of the country’s GDP and are an important source of income for Guatemalan households. Given their significance for the economy, remittances are one of the key drivers of private consumption in the country.

FocusEconomics Consensus Forecast participants see total consumption expanding 3.6% in 2016, which is unchanged from last month’s estimate. For 2017, panelists expect total consumption to increase 3.7%, which is up 0.2 percentage points from last month’s forecast.

Author:, Economist

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Guatemala Remittances Chart

Guatemala Remittances October 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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