Mexico: Remittances continue to soar in December
Remittances summed USD 4.8 billion in December, representing a 30.4% year-on-year surge. This follows November’s 37.7% year-on-year increase, and was likely aided by a strong U.S. labor market. On a cumulative basis up to December, remittances amounted to USD 51.6 billion, above the USD 50.5 billion recorded in November. December’s 12-month moving average signaled a 27.1% rise from a year earlier (November: +26.0% year-on-year).
Over 2021 as a whole, remittances came in at a record level. This likely stimulated private consumption and propped up economic activity in the context of fairly restrictive government spending.