Guatemala Remittances

Guatemala

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.

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 August 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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