Mexico: Remittances cool off in December
February 1, 2019
Remittances totaled USD 2.9 billion in December (November: USD 2.9 billion), a 6.0% increase from the same month a year earlier (November: +20.2% year-on-year). The average amount remitted rose to USD 317 from USD 312 a year prior.
Taking a full-year view, inflows rose broadly in line with non-farm U.S. employment gains. Moreover, remittances registered an all-time high of USD 33.5 billion in 2018, up from USD 33.3 billion in the 12 months up to November. December’s 12-month rolling figure increased 10.5% from a year earlier (November: +11.5% year-on-year).
Mexico Remittances Forecast
FocusEconomics panelists expect remittances to remain upbeat this year, reaching USD 32.6 billion by the end of 2019. For 2020, the panel sees remittances at USD 33.1 billion by year-end.
Author: Christopher Thomas, Economist