Guatemala: Remittances growth surges to six-month high in September
October 8, 2015
In September, remittances from workers abroad rose a sharp 17.3% over the same month last year, reaching USD 538.4 million, the greatest increase in six months. September’s figure marked a significant acceleration compared to the 10.6% increase tallied in August, when remittances hit USD 527.3 million.
In the 12 months up to September, remittances amounted to an all-time high of USD 6.0 billion. September’s cumulative reading represented a 9.8% increase over the same period of last year, the strongest reading since January 2013 and improving over August’s 9.1% 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.
Author: Robert Hill, Economist