Mexico: Remittances expand in January
March 3, 2014
In January, remittances from workers abroad totaled USD 1.58 billion, which came in above the USD 1.46 billion registered in the same month last year. The result slightly overshot market expectations of USD 1.50 billion and represented an 8.0% expansion in annual terms.
In the 12 months up to January, remittances totaled USD 21.7 billion, which constituted a 3.1% decrease over the same period last year (December: -3.8% year-on-year). At the current level, remittances are well below the USD 26.1 billion peak observed in 2007.
Given the fact that the U.S. labor market is showing sings of a gradual recovery, LatinFocus Consensus Forecast panelists expect remittances to reach USD 22.4 billion in 2014. For 2015, the panel sees remittances rising to USD 23.0 billion.
Author: Ricardo Aceves, Senior Economist