Mexico: Growth in remittances moderates the pace
May 2, 2012
In March, remittances from workers abroad totalled USD 2.1 billion, which came in above the USD 1.8 billion reached in February but fell short of market expectations. Moreover, the figure represents a significant moderation of the pace of expansion, as remittances grew only 1.4% over the same month last year, well below the 8.5% increase tallied in February. As a result of the relatively weak increase, remittances totalled USD 23.0 billion in the last 12 months. The reading represents a 6.8% increase over the corresponding period of the previous year, down from a 7.1% expansion in February. Despite the continuous improvement witnessed in recent years, annual remittances remain below their peak of USD 25.5 billion reached in October 2008.