Mexico: Growth in remittances slows in June
August 1, 2012
In June, remittances from workers abroad - mostly in the United States - totalled USD 2.1 billion. The reading came in a notch above the USD 2.0 billion attained in the same month last year but fell short of market expectations that had remittances reaching USD 2.2 billion. As a result, year-on-year growth in remittances dropped from 8.0% in May to 3.5% in June, the lowest level in three months. In the last 12 months up to June, remittances totalled USD 23.5 billion, which was a notch above the USD 23.4 billion recorded in May. The reading represents a 7.6% expansion over the corresponding period the previous year, down from the 7.9% increase recorded in May.