Mexico: Remittances grow for third consecutive month
December 2, 2013
In October, remittances from workers abroad totaled USD 1.85 billion, which was above the USD 1.77 billion registered in the same month last year. The result overshot market expectations (USD 1.82 billion) and represents a 4.6% increase in annual terms - the third positive reading in the past 16 months.
In the 12 months up to October, remittances totaled USD 21.5 billion, which marks a 4.9% decline compared to the same period in the previous year (September: -5.9% year-on-year). Remittances remain well below the USD 26.0 billion peak 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 21.6 billion in 2013. For next year, the panel sees remittances rising to USD 22.4 billion.
Author: Ricardo Aceves, Senior Economist