Guatemala Remittances

Guatemala

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.

FocusEconomics Consensus Forecast participants see total consumption expanding 3.9% in 2015, which is unchanged from last month’s estimate. For 2016, panelists also expect total consumption to rise 3.9%.


Author:, Economist

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Guatemala Remittances February 2015 1

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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