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.