Guatemala: Remittances inflows reach record-high value in August
September 9, 2021
Remittances totaled a record-high of USD 1,388.6 million in August, rising 32.2% year-on-year (July: +25.5% yoy). In the 12 months up to August, remittances totaled USD 14.0 billion (July: USD 13.7 billion), the highest print on record. The 12-month rolling sum marked a 31.7% increase from a year prior (July: 29.4% yoy).
Remittances are a key source of income for Guatemalan families and tend to follow employment trends in the United States, where the majority of remittance payments originate from. As such, the expected recovery in the U.S. amid vast government stimulus should boost remittances inflows and support the Guatemalan economy.