Mexico: Remittances accelerate the pace
August 1, 2011
Remittances from workers aboard continue to rise despite weak labour market conditions in the United States. In June, remittances added USD 2.02 billion, which marked a 6.9% expansion over the value recorded in the same month last year. The print marked an improvement over the 1.0% increase seen in May and was in line with market expectations. That said, despite the ongoing recovery, remittances remain 23.3% below the USD 2.64 billion pre-crisis peak reached in October 2008. In addition, the slow pace of growth in the United States suggests only a protracted recovery in remittances going forward.