Remittance inflows into Jamaica amount to US$298 million for December 2024, a decline of 5 percent or a mere US$13 million compared to December 2023.
Despite the fall in December last year, remittance inflows into Jamaica continue to be resilient with just a 0.4 percent slippage to US$3.357 billion, compared to the inflows of US$3.37 billion in 2023. Inflows for 2024 are the lowest in four years but remain well above the U$2.98 billion inflows in 2020, the year of a major surge that pushed the amount just under the $3 billion mark it has been at since that year.
Jamaica’s decline in 2024 compared adversely with growth of 8.6 percent for Guatemala, 2.3 percent Mexico and 1.7 percent for El Salvador, the Bank of Jamaica (BOJ) release disclosed.
According to the data released by BOJ remittances in 2023 amounts to 17.4 of the country’s GDP and is down from 24 percent in 2021.