Guatemala: Remittances accelerate in December
January 6, 2014
In December, remittances from workers abroad rose 9.3% over the same month of the previous year to USD 447 million. The increase came in well above the meager 2.3% rise recorded in November, which had marked the slowest expansion in nine months.
In the full year 2013, remittances amounted to USD 5.1 billion, which was well above the USD 4.8 billion seen in 2012 and represents a new record high. The print marks a 6.7% increase over the corresponding period of the previous year (2012: +9.2% year-on-year).
Remittances account for nearly 10.0% of the country's GDP and are an important source of income for Guatemalan households. Given their significance to the economy, remittances are one of the key drivers of private consumption in the country.
FocusEconomics Consensus Forecast participants see total consumption expanding 3.7% in 2014, which is unchanged from last month's estimate. For 2015, panelists expect total consumption to rise 3.8%.