Guatemala: Remittances increase strongly in February
March 9, 2015
In February, remittances from workers abroad rose a notable 12.5% over the same month of last year, reaching USD 432 million. February’s figure marked a significant acceleration from the 3.4% rise tallied in January and was the highest reading that has been recorded in seven months.
In the 12 months up to February, remittances accumulated USD 5.6 billion, matching the result tallied in the 12 months up to January. February’s result marked a multi-year high and represented an 8.3% increase over the same period of last year (January: +8.1% year-on-year).
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: Cecilia Simkievich, Economist