Guatemala: Remittances slow slightly but remain strong in August
September 7, 2015
In August, remittances from workers abroad rose 10.6% over the same month last year, reaching USD 527.3 million. August’s figure marked a deceleration from the 12.5% increase tallied in July, when remittances hit a series-high USD 573.7 million.
In the 12 months up to August, remittances amounted to an all-time high of USD 5.9 billion. August’s cumulative reading represented a 9.1% increase over the same period of last year (July: +8.6% 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