Guatemala: Remittances increase strongly in March
April 10, 2015
In March, remittances from workers abroad rose a notable 21.2% over the same month of last year, reaching USD 556.6 million. March’s figure marked a significant acceleration from the 12.5% rise tallied in February and was the highest reading that has been recorded in over seven years.
In the 12 months up to March, remittances amounted to USD 5.7 billion, a USD 0.1 billion increase from February’s figure. March’s result marked a multi-year high and represented a 9.5% increase over the same period of last year (February: +8.3% 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: Eric Denis , Economist