Remittance inflows to Jamaica climbed 3.7 percent to US$279.6 million in October 2024, from US$270.7 million in the similar 2023 period, with inflows of US$2.794 billion for year to October, slipping marginally from US$2.796 billion in the similar period 2023.
Remittances inflows to Jamaica which ended at US$2.4 billion in 2019 surged to US$2.9 billion in 2020 peaking at US$3.497 billion in 2021 and have remained above $3.3 billion since and are on track to match the US$3.37 billion received in calendar year 2023.
“Remittances from the United States accounted for 67.7 percent of total flows, down from 69.5 percent share recorded for October 2023. Other source countries which contributed a notable share of remittances for the month were the United Kingdom 11.0 percent, followed by Canada 10.7 percent and the Cayman Islands 6.2 percent”, data released by Bank of Jamaica (BOJ) show.
“Jamaica’s decline of 0.1 percent for the calendar year to October 2024, compares to growth of 8.6 percent, 2.3 percent and 0.8 percent recorded for Guatemala, Mexico and El Salvador, respectively, BOJ stated.