Mexico: Remittances grow at slower rate in November
January 2, 2014
In November, remittances from workers abroad totaled USD 1.69 billion, which was unchanged over the USD 1.69 billion registered in the same month of the previous year. The result was virtually in line with market expectations (USD 1.70 billion) and represented a 0.1% increase in annual terms, which was slower than the 4.9% expansion registered in October.
In the 12 months up to November, remittances totaled USD 21.5 billion, which marks a 4.5% decline compared to the same period of the previous year (October: -4.9% year-on-year). Remittances are still well below the USD 26.0 billion peak that was recorded 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