Mexico: Remittances post sixth consecutive contraction
February 1, 2013
In December, remittances from migrant workers aboard totalled USD 1.7 billion, which represents a 4.4% decline over the USD 1.8 billion recorded in the same month the year before. The reading marks the sixth consecutive year-on-year decline in remittances, albeit representing an improvement over the 5.1% decline seen in November.
Building on the subdued readings observed in recent months, in the full year 2012 remittances totalled USD 22.4 billion, which represents a 1.6% contraction over the USD 22.8 billion recorded in the previous year and is well below the USD 26.0 billion peak observed in 2007.