Guatemala: Remittances improve in March
April 7, 2013
In March, remittances from workers abroad rose 5.5% over the same month last year to reach USD 424 million. The figure represents an improvement over the paltry 0.2% growth rate recorded in February, which had marked the lowest increase since July 2011.
In the 12 months up to March, remittances amounted to USD 4.9 billion, which is slightly up from the USD 4.8 billion observed in the previous month and represents an 8.8% expansion over the corresponding period last year (February: +8.8% year-on-year).
Remittances account for approximately 9% of the country's GDP and are an important source of income for many Guatemalan families. Given its 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 3.6% this year, which is unchanged from last month's estimate. For 2014, panellists expect total consumption to rise 4.0%.