Guatemala: Remittances inflows rise sharply in May
June 7, 2019
Remittances from workers abroad jumped 20.5% year-on-year in May, up from the 12.5% increase recorded in April. Remittances totaled USD 974.5 million (April: USD 865.2 million), marking the highest value on record. Meanwhile, growth in the 12-month moving sum inched up from 9.6% in April to 9.7% in May.
Remittances are a key source of income for families in the Central American country and usually follow employment trends in the United States, where most remittances originate. Moderating economic momentum in the U.S. could lead to slower growth in remittances, while possible changes to U.S. immigration policy remain a key downside risk to the remittances outlook.
Author: Jan Lammersen, Economist