Mexico: Remittances expand notably in December
February 4, 2014
In December, remittances from workers abroad totaled USD 1.79 billion, which came in above the USD 1.70 billion registered in the same month of the previous year. The result overshot market expectations of USD 1.74 billion and represented a 5.5% expansion in annual terms.
In the full year 2013, remittances totaled USD 21.6 billion, which represents a 3.4% contraction over the USD 22.4 billion recorded in the previous year and is well below the USD 26.0 billion peak observed in 2007.
Given the fact that the U.S. labor market is showing sings of a gradual recovery, LatinFocus Consensus Forecast panelists expect remittances to reach USD 22.2 billion in 2014. For 2015, the panel sees remittances rising to USD 23.3 billion.
Author: Ricardo Aceves, Senior Economist