Mexico: Remittances growth moderates in August
October 1, 2014
In August, remittances from Mexican workers abroad totaled USD 2.0 billion. The reading was just above the USD 1.9 billion observed in the same month last year and was on par with what the market had expected. August’s result represented a 5.8% increase in annual terms, which was weaker than the 8.6% expansion tallied in the previous month.
In the 12 months through August, remittances totaled USD 23.0 billion, which represented a 7.3% expansion over the same period last year. August’s reading marked the fastest pace of growth in over two years and signals that a steady recovery in transactions is still under way. The peak in remittances occurred in 2007, with a total of USD 26.1 billion.
Author: Ricardo Aceves, Senior Economist