Guatemala: Remittances moderate sharply in November
December 4, 2013
In November, remittances from workers abroad rose 2.3% over the same month last year to USD 377 million - the lowest level in nine months. The increase came in well below the hefty 15.0% rise recorded in October, which had marked the strongest expansion in nine months.
In the 12 months up to November, remittances amounted to USD 5.1 billion, matching the result recorded in the previous month. The print represents a 6.6% expansion over the corresponding period last year (October: +7.0% 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 3.2% this year, which is unchanged from last month's estimate. For 2014, panelists expect total consumption to rise 3.7%, which is also unchanged from last month's forecast.