Guatemala Remittances January 2016

Guatemala

Guatemala: Remittances post softer expansion in January

February 8, 2016

In January, remittances from workers abroad rose 18.3% over the same month last year, reaching USD 482.0 million. January’s figure marked a third consecutive month of double-digit growth, but a deceleration compared to December’s 20.6% month-on-month increase.

In the 12 months up to January, remittances amounted to an all-time high of USD 6.3 billion. January's cumulative reading represented a 13.6% increase over the same period of the previous year, the strongest result since April 2008 and an improvement over December’s 12.6% increase.

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 3.5% in 2016, which is down 0.1 percentage points from last month’s estimate. For 2017, panelists expect total consumption to edge up to 3.9%.


Author: Teresa Kersting, Economist

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Guatemala Remittances January 2016

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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