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.