Mexico: Remittances continue to recover at moderate pace
March 1, 2011
In January, remittances from workers abroad totalled USD 1.40 billion, which represented a 5.8% increase over the same month the year before. The reading, however, came in below market analysts' expectations, which had remittances at USD 1.58 billion. Remittances, which are mostly from migrant workers in the United States, represent an important source of income for many Mexican families. As conditions in the United States labour market improve, remittances are likely to continue rising, which bodes well for a sustained recovery in private consumption.