Guatemala: Decrease of growth of remittances and tourism

Income earnings from remittances and tourism grew less than 5% in 2008.

Friday, December 12, 2008

Last year the growth was 14% for remittances and 16.8% for tourism, according to data from the Bank of Guatemala (Banguat).

The global economic crisis has been the main factor for the drop in earnings income for the "no chimney" industry, and in the case of remittances, this is due to massive deportation from the US this year, according to analysts.

More on this topic

Remittances to Guatemala fell by 9% in July

August 2011

After 16 months of continuous growth, remittances in July were down 9% compared to the same period in 2010.

According to the Bank of Guatemala (Banguat), remittances received in July totaled $349.8 million, 9% less than the $384.6 million received in the same month in 2010.

Remittances to Guatemala drop 2.9% in October

November 2008

Only $361 million were received in October compared to $371 million last year, according to the Guatemalan Bank (Banquat).

According to the International Immigration Organization (IMO), family income from remittances total close to 11 percent of the Gross National Product (GNP) for Guatemala and benefits 4.1 million persons.

Remittances to El Salvador Drop 10.3%

July 2009

In the first half of the year, $1.7 billion were sent to the country by Salvadorans abroad, 10.3% less than the same period of 2008.

Remittances averaged $290 million each month during this semester, whereas the average was $323.1 during the first half of 2008, according to data from the Reserve Bank (BCR).

IDB sees remittances to Latin America declining in 2009

March 2009

Fourth quarter of 2008 registers first decline in nearly a decade. Flows of money sent home by migrants hit by economic slowdown, exchange rate swings

After almost a decade of growth, remittances to Latin America and the Caribbean are likely to decline in 2009 for the first time since the Inter-American Development Bank started tracking these flows in the year 2000. Remittances have been decreasing since late 2008.

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