Guatemala: Remittances decelerate in November
December 5, 2012
In November, remittances from workers abroad rose 7.1% over the same month last year to reach USD 368 million. The figure came in well below the 16.4% gain observed in October. In the last 12 months up to November, remittances amounted to USD 4.8 billion, which was up from the USD 4.7 billion observed in the previous month. In addition, the figure represents a 9.3% expansion over the corresponding period last year, a notch up from the 9.0% increase seen in October.
Owing to the improvement witnessed in previous months, annual remittances continue to rise further above the previous peak of USD 4.4 billion reached in September 2008. Remittances account for approximately 9% of GDP and are an important source of income for many Guatemalan families. Given its significance to the economy, remittances are one of the key drivers of private consumption in the country.