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.
Author: Robert Hill, Economist