Mexico: Remittances continue to rise
April 1, 2011
Remittances from workers abroad continued to trend upwards, buttressed by stronger economic activity in the United States. In February, remittances totalled USD 1.65 billion, which represented a 6.0% increase over the same month the year before. The print, virtually unchanged from last month, broadly matched market analysts' expectations and represented the sixth consecutive month of positive growth rates, very close to the 5.8% increase recorded in January. Remittances, mostly from migrant workers in the U.S., represent an important source of income for many Mexican families. As prospects for the U.S. economy improve, remittances are likely to continue recovering going forward, which augurs well for a solid recovery in private consumption.