Mexico: Remittances cool off in October
December 3, 2018
Remittances totaled USD 2.9 billion in October (September: USD 2.7 billion), a 3.4% increase from the same month last year. The result was below September’s 8.8% rise and marked the slowest growth since March. However, the average amount remitted rose from USD 316 a year prior to USD 323 in September.
Inflows have cooled off in recent months despite upbeat non-farm U.S. employment gains. Remittances registered an all-time high of USD 32.8 billion in the 12 months up to October, up from the USD 32.7 billion sum recorded in the 12 months up to September. October’s 12-month rolling figure increased 10.0% annually (September: +12.0% year-on-year).
Mexico Remittances Forecast
FocusEconomics panelists expect remittances to remain upbeat this year, reaching USD 32.3 billion by the end of 2019. For 2020, the panel sees remittances at USD 33.1 billion by year-end.
Author: Christopher Thomas, Economist