Published on Monday, July 3, 2023 | Updated on Thursday, July 6, 2023

Mexico | Mother's Day drives remittances to a new all-time high: 5,693 md in May

We estimate that about 10% of the increase in transactions to send remittances in May is explained by the effect of "Mother's Day." The remittance that is sent to the mothers is, in general, less in amount than the remittance that is sent regularly.

Key points

  • Key points:
  • In May, 5,693 million dollars (md) entered Mexico for remittances, +10.7% compared to the same period of the previous year, achieving a record in the reception of these resources.
  • The World Bank adjusted downward the global increase in remittances: from 2.7% to 1.1% for 2023, explained by lower economic growth estimated for the main countries of origin of this monetary flow.
  • In this scenario of possible economic slowdown, Latin America and the Caribbean remains the region with the best dynamism regarding the receipt of remittances by 2023. It is estimated that they could grow 3.3% in the year.
  • Honduras (26.9%), El Salvador (24.3%), Jamaica (23.0%), Haiti (22.1%), Nicaragua (20.5%) and Guatemala (19.4%) are the countries in the region that showed the greatest dependence on remittances in 2022, measured as a percentage of Gross Domestic Product (GDP). In Mexico it is estimated at 4.1%.

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