Guatemala: Remittances slow in May
June 5, 2013
In May, remittances from workers abroad rose 5.6% over the same month last year to reach USD 477 million, which marks the highest level on record. The figure, however, represents a deceleration over the 7.7% increase recorded in April.
In the 12 months up to May, remittances amounted to USD 4.9 billion, which matches the result tallied in the previous month and represents an 8.1% expansion over the corresponding period last year (April: +8.4% year-on-year).
Remittances account for nearly 10% of the country's 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.
FocusEconomics Consensus Forecast participants see total consumption expanding 3.6% this year, which is unchanged from last month's estimate. For 2014, panellists expect total consumption to rise 4.0%.