Mexico: Remittance inflows cool in September
November 1, 2018
Remittances totaled USD 2.7 billion in September (August: USD 2.9 billion), an 8.8% increase from the same month last year. The result was below August’s 9.1% rise and marked the slowest growth since March. However, the average amount remitted rose from USD 306 a year prior to USD 317 in September.
Inflows have cooled off in recent months despite upbeat non-farm U.S. employment gains. Remittances registered an all-time high of USD 32.7 billion in the 12 months up to September, up from the USD 32.5 billion sum recorded in the 12 months up to August. September’s 12-month rolling figure increased 12.0% annually (August: +11.7% year-on-year).
Mexico Remittances Forecast
FocusEconomics panelists expect remittances to remain upbeat this year, reaching USD 32.8 billion by the end of 2019. For 2020, the panel sees remittances at USD 34.2 billion by year-end.
Author: Christopher Thomas, Economist