Jamaica remittances grow but lag region

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Remittances into Jamaica continue to grow as the international economy continues to recover from the depression suffered since 2008. Jamaica’s increase of 4.4 percent for the first three months of 2014, is one of the lowest in the region of countries with large remittance inflows. Mexico is up 13 percent, El Salvador 8 percent and Guatemala 9 percent. Most likely, exchange instability affected Jamaica’s numbers negatively.
Net remittances, increased by US$11 million to US$172 million for March 2014, or 6.7 percent over March last year. Gross inflows were US$188 million, an increase of US$9 million. Net remittances for the three months to March amounted to US$461 million, an increase of US$30 million or 6.9 percent. For the three months, total remittance inflows were US$514 million, an increase of US$22 million or 4.4 percent.
Inflows were higher in each of the three months for the year, so far. Total remittance outflows declined in the quarter versus 2013, from US$61 down to US$53. The USA accounted for 61 percent of inflows and the UK 16 percent, in the quarter.

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  1. […] Net remittances for May this year, grew US$10 million or 6 percent, to US$172 million, versus May 20…. The increase resulted from gross inflows growing by US$7 million to US$189 million, and a contraction in outflows. Remittance Companies accounted for an increases of US$13 million in inflows, while Other Remittances saw a reduction of US$5.5 million, Bank of Jamaica stated in their report on remittances. Net remittances for the year to May, amounts to US$795 million, representing growth of US$42 million or 5.6 percent, compared to 2013 period. The outturn for the review period, reflected an increase in gross inflows, and a reduction in outflows. For the period total remittance inflows were US$887 million, representing an increase of US$33 million or 3.8 percent. […]

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