Guatemala: Remittances in November expand at fastest pace in over nine years
December 4, 2015
In November, remittances from workers abroad rose 27.7% over the same month last year, reaching USD 508.7 million. November’s figure marked a notable acceleration compared to the moderate 7.6% increase tallied in October and was the fastest expansion since August 2006. However, November’s strong growth partly benefited from a low base of comparison.
In the 12 months up to November, remittances amounted to an all-time high of USD 6.1 billion. November’s cumulative reading represented an 11.7% increase over the same period of last year, the strongest reading since June 2008 and was an improvement over October’s 10.1% 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.