Guatemala: Healthy remittances expansion in December
January 7, 2016
In December, remittances from workers abroad rose 20.6% over the same month last year, reaching a fresh high of USD 598.1 million. December’s figure marked a second consecutive month of double-digit growth, but a deceleration compared to the outstanding 27.7% increase tallied in November.
In the 12 months up to December, remittances amounted to an all-time high of USD 6.2 billion. December’s cumulative reading represented a 12.6% increase over the same period of the previous year, the strongest result since May 2008 and an improvement over November’s 11.7% increase.
Remittances account for nearly 11% of the country’s GDP and are an important source of income for Guatemalan households. Given their significance to the economy, remittances are one of the key drivers of private consumption in the country.