Guatemala Remittances

Guatemala

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.

FocusEconomics Consensus Forecast participants see total consumption expanding 3.8% in 2015, which is unchanged from last month’s estimate. For 2016, panelists expect total consumption to inch down to 3.5%.


Author:, Economist

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Guatemala Remittances Chart


Guatemala Remittances September 2015

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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