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.
Author: Christopher Mc Innes, Economist