Guatemala: Remittances pick up in December
January 4, 2013
In December, remittances from workers abroad rose 7.9% over the same month last year to reach USD 408 million. The figure came in above the 7.1% increase observed in November.
In 2012, remittances amounted to USD 4.8 billion, which was up from the USD 4.4 billion observed in 2011. The figure represents a 9.2% expansion over the corresponding period the year before and marks the largest annual print on record.
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.