Remittances to El Salvador Drop by 8.4%

During January, remittances totaled $252.4 million, 8.4% less than for the same period in 2008, when they were $275.5 million.

Thursday, March 5, 2009

La Prensa Libre published on its website: "For now, neither the economic cabinet nor the Central Reserve Bank have spoken about the reasons for the decline, even though a similar situation occurred during four months last year, and it was blamed on the economic crisis in the United States which is considered the source of 90% of these remittances."

More on this topic

El Salvador: Remittances Drop 10% in 2009

December 2009

2009 will mark the first time in 25 years in which remittances drop when compared to the previous year.

From January to October 2009, the country received $2.8 billion, and according to Central Bank estimates, the final figure for 2009 could be $3.4 billion.

"Remittances account for between 17% and 18% of the nation's GDP, so 'a 10% drop implies 2 percentage points less of Gross Domestic Product.

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).

Remittances to El Salvador Decrease by 13.6%

May 2009

In April, received remittances totaled $292.5 million, compared to $338.5 million during the same period last year

In the first quarter of this year, received remittances were 9.2% lower than during the first quarter in 2008.

Keny López wrote in Laprensagrafica.com: "So far this year, there have been four other decreases: -8.4% in January, -7.8% in February, -6.7% in March and -13.6 % in April.

Remittances to El Salvador on the decline

November 2008

The total remittances during October was $304.3 million or $400,000 less than the previous month.

It is almost $20 million less than for the same month in 2007, when $323.8 million was sent...

The figure for October confirms the fears of slowdown that analysts have been announcing in the last few months.

 close (x)

Receive more news about Economics

Suscribe FOR FREE to CentralAmericaDATA EXPRESS.
The most important news of Central America, every day.

Type in your e-mail address:

* Al suscribirse, estará aceptando los terminos y condiciones


New house for sale at Costa Rica beach in Punta Leona Resort

Live at the beach in the exclusive Punta Leona Resort, a dream with shaded white sand beach, pools, restaurants, wild life. New affordable, energy efficient home.
The house - possibly the only energy efficient green...

Stock Indexes

(May 25)
Dow Jones
0.34%
S&P 500
0.44%
Nasdaq
0.69%

Commodities

(May 26)
Brent Crude Oil
51.81
Coffee "C"
131.65
Gold
1,257
Silver
17.135