Mexico: Remittances continue to recover despite slowdown in the U.S.
October 3, 2011
Remittances from migrant workers, mostly in the United States, continue to recover despite signs of a faltering U.S. economy. In August, remittances added USD 2.13 billion, beating market expectations that had remittances at USD 2.00 billion. Moreover, the reading represents a robust 9.2% increase over the level recorded in same month last year, well above the 1.4% increase observed in July. With the current reading, remittances have been increasing in annual terms for 11 consecutive months. The reading bodes well for private consumption, as remittances represent the second most important stream of foreign revenue and a significant source of income for many Mexican families.