Mexico | Remittances growth slows, up 7.8% in August

Summary

So far in 2022, remittances to Mexico show a lower performance in relative terms compared to other countries in the Latin American and Caribbean region such as Guatemala (+20.8%), Honduras (+20.6%), Nicaragua (+ 38.4%) and Brazil (+25.4%).

Key points

• Key points:
• During August, 5,122 million dollars arrived in Mexico through remittances, +7.8% at the annual rate. This slowdown in the flow of remittances is explained by a base effect in the comparison of the data, due to the significant increase in the arrival of these resources between August and December 2021.
• In his 4th. government report, the Mexico’s president indicated that the increase in remittances in recent years is one of the three factors that have contributed to improving the economic condition of the poorest population in the country, together with the recovery of power purchasing power of salaries, and social programs.
• In the first 8 months of the year, remittances to Mexico accumulated a flow of 37,934 million dollars, which represented an increase of 15.2% compared to the same period of the previous year.
• However, so far in 2022, remittances to Mexico show a lower performance in relative terms compared to other countries in the Latin American and Caribbean region such as Guatemala (+20.8%), Honduras (+20.6%), Nicaragua (+38.4%) and Brazil (+25.4%).

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