Guatemala Remittances

Guatemala

Guatemala: Remittances pick up in May

June 8, 2015

In May, remittances from workers abroad rose 5.0% over the same month last year, reaching USD 519.0 million. May’s figure marked a significant acceleration from the 2.7% increase tallied in April.

In the 12 months up to May, remittances amounted to USD 5.7 billion, for the third consecutive month. The figure shows that the indicator is stable at a multi-year high. May’s cumulative reading represented a 9.0% increase over the same period of last year (April: +8.9% 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 3.8% in 2015, which is unchanged from last month’s estimate. For 2016, panelists expect total consumption to inch down to 3.6%.


Author:, Economist

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Guatemala Remittances Chart


Guatemala Remittances May 2015

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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