Remittances to El Salvador: Growth Slows Down

During the first five months of the year, the country received $2.281 million in remittances, 4% more than reported in the same period of 2018, well below the 9% rate reported from January to May 2018.

Monday, June 17, 2019

El Salvador received $2.281 million in family remittances up to May 2019, higher by $84.4 million, equivalent to a 3.8% year-on-year growth with respect to income received under this concept in the same period of the previous year, informed the Central Reserve Bank.

The report details that "... Only in May, the country received US$504.9 million in remittances. According to data from the Central Bank, the central zone of the country is the one that attracts more family remittances with US$821 million, equivalent to 36% of the total, followed by the eastern zone with US$746.9 million, which constitutes 32.7% of the total remittances.

The department of Cuscatlán registered the highest growth rate with 5.3%; in second and third place are La Libertad and San Salvador with additional 5.2% and 5.1%, respectively. On the other hand, the lowest growth rates were for Chalatenango with 1.2% and Cabañas with 1.9%.

Statistics show that the five departments which received the most remittances up to May 2019 were: San Salvador (19.9% of the country's total remittances), San Miguel (12%), La Unión (8.4%), Santa Ana (8%) and La Libertad (7.9%), and among those which receive the least remittances are the departments of Cuscatlán (2.5%) and San Vicente (3.4%).

The United States is the main country of origin of family remittances, with US$2,166.4 million and a growth rate of 4.2% in the evaluated period. Other countries of origin of remittances were: Canada with US$20.6 million, Italy with US$9.9 million, followed by Spain with US$9.1 million and Panama with US$3.5 million.
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