Guatemala: Robust remittances growth endures in February
March 5, 2014
In February, remittances from workers abroad rose 9.3% over the same month last year, reaching USD 384 million. The increase came in slightly below the 10.1% rise recorded in January. In the 12 months up to February, remittances amounted to USD 5.2 billion, which is up from the USD 5.1 billion recorded in the previous month. The print marked a 7.0% increase over the corresponding period of the previous year (January: +6.3% year-on-year). Remittances account for nearly 10.0% 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 3.7% in 2014, which is unchanged from last month's estimate. For 2015, panelists expect total consumption to also rise 3.7%.