Guatemala: Remittances growth slows in September
October 6, 2016
In September, remittances from workers abroad increased 12.9% over the same month last year, reaching USD 608 million and marking a deceleration from August’s 17.4% expansion.
In the 12 months up to September, remittances remained at their all-time high of USD 6.9 billion, which had been reached in August. September’s cumulative reading represented a 15.5% increase over the same period of last year and was slightly down from August’s 15.9% 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