During the first month of the year, family remittances sent to Guatemala registered a 22% year-on-year variation, a rise that exceeds the 8% increase registered in the same period in 2018.
According to the most recent figures from the Bank of Guatemala, in January 2020 the country received remittances of $834 million, an amount that exceeds by $46 million that registered in the same month of 2019.
From January to September 2019, family remittances to Guatemala totaled $7.748 million, 14% more than in the same period in 2018.
The most recent figures from the Bank of Guatemala (Banguat) indicate that in September 2019 the country received remittances of $892 million, 20% more than the $745 million recorded in the same month in 2018.
Between the first nine months of 2013 and the same period in 2019, remittance income practically doubled, from $3.801 billion in 2013 to $7.748 billion in 2019.
The behavior of credit to the private sector, public spending, imports and remittances would explain the higher growth expected for the economy this year.
The Bank of Guatemala (Banguat) reported that this year's economic growth is projected to range between 3% and 3.8%, with a central value of 3.4%, up from the 3.1% reported during 2018.
The growth of family remittances, the recovery of credit to the private sector and the upturn in investment in capital goods would determine a better economic performance this year.
In a forum organized by the Chamber of Industry of Guatemala, representatives of the Bank of Guatemala (Banguat) and Central American Business Intelligence (CABI), agreed that this year the country's economy could register a better performance than in 2018.
Explained by the dynamics of economic activity and the flow of family remittances, the Central Bank estimates that this year the economy will grow between 3% and 3.8%.
According to the authorities at Banco de Guatemala (Banguat), by 2019 the expectation is that the economy will grow between 3.1% and 4.1%, and in relation to inflation for this year and next, it is expected that the Growth rate will remain close to 4%.