Remittances: Guatemala Accounts for 32% of Shipments to the Region

During 2018, family remittances to Central American countries and the Dominican Republic totaled $28.670 million, of which $9.288 million went to Guatemala.

Friday, March 1, 2019

In 2018, family remittances to Central America and the Dominican Republic (CARD) grew 11%, showing a slight slowdown with respect to what was observed in 2017 (12.0%). This slight slowdown was observed in all countries except Honduras, explained the Economic Commission for Latin America (ECLAC).

The report states that "... Of the total flow of remittances to the region, Guatemala (32.1% of the total) receives the largest share, followed by the Dominican Republic (22.8%) and El Salvador (19.1%). However, the migratory presence in the United States is favorable, in terms of total population, to the latter (30%), followed by the Dominican Republic (25%) and finally from Guatemala (21%).

Remittances as a percentage of GDP make a particularly significant contribution in four CARD economies: 22.2% in El Salvador, 20.3% in Honduras, 11.8% in Guatemala and 10.3% in Nicaragua. As a percentage of exports (on average 44% in CARD), they are outstanding in El Salvador (116.3%), Guatemala (82.0%) and the Dominican Republic (59.8%); but in all cases in proportions less than the previous year. As a significant source of foreign exchange, they continue to contribute not only to the equilibrium of the current account but also to contain fluctuations in the exchange market.

The ratio of remittances as a percentage of imports (on average 26.9% for CARD) decreased for all countries except Nicaragua. The value of this indicator in 2018 was particularly significant in El Salvador (52.9%), Guatemala (50.3%) and Honduras (40.6In addition, a considerable percentage of imports are financed through remittances, and there may eventually be tendencies in the consumption patterns of remittance beneficiaries that tend to foster a dynamic propensity for greater imports."


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More on this topic

Dominican Republic: Remittances up to 10%

May 2019

During the first three months of the year, the country received $1.713 million in family remittances, 10% more than in the same period of 2018.

Statistics from the Central Bank of the Dominican Republic show that between the first three months of 2018 and the same period of 2019, the total of remittances sent to the country grew by $162 million, from $1.551 million to $1.713 million.

Guatemala: Remittances Increased 9% up to March 2019

April 2019

In the first three months of 2019, income from family remittances in the country totaled $2,205 million, 9% more than in the same period last year.

The latest figures from the Bank of Guatemala show that in March 2019 the country received $826 million in remittances, 10% more than the $754 million recorded in the same month in 2018.

Nicaragua: Remittances Up 8% in 2018

April 2019

During last year, family remittances sent to the country totaled $1.501 million, 7.9% more than the $1.391 million reported in 2017.

In terms of year-on-year growth, Nicaragua ranks fifth as a recipient of family remittances at the regional level. Remittances to Honduras registered the highest growth in the region, 14%, followed by Guatemala (13.4%) and the Dominican Republic (10.4%), according to a report by the Central Bank of Nicaragua (BCN).

Nicaragua: Remittances Start the Year on the Rise

March 2018

In January 2018, the country received a total of $113 million in the form of remittances from abroad, 11% more than in the same month in 2017.

The Central Bank of Nicaragua reported that in January 2018 "remittances totaled 112.9 million dollars (US $102.1 million in 2017), presenting a year-on-year growth rate of 10.6 percent with respect to what was observed in 2017."

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