Guatemala: Remittances hit a 19-month low in February
March 6, 2013
In February, remittances from workers abroad rose only 0.2% over the same month last year to reach USD 351 million. The figure represents the slowest growth rate since July 2011 and came in well below the 17.3% increase observed in January, which had marked the strongest reading since July 2012.
In the last 12 months up to February, remittances amounted to USD 4.8 billion, which was unchanged from the result observed in the previous month. The figure represents an 8.8% expansion over the corresponding period last year (January: +9.9% year-on-year).
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.