RemittancesGateway.org

Mexico's remittances continue to fall

Wednesday, 03 March 2010 16:59

Source: Businessweek

Money sent home from Mexicans living abroad is still plummeting, falling nearly 16 percent in January compared to the same time last year.

Mexico's central bank says remittances in January totaled 1.3 billion compared to 1.6 billion in January 2009.

 

The bank released the data Monday, the same day it also published its forecast by economists. They say Mexico's economy will grow 3.9 percent in 2010, improving their previous forecast of 3.3 percent.

Remittances are Mexico's No. 2 source of foreign income after oil exports. They totaled $21.2 billion in 2009, a 15 percent drop from 2008. The bank has blamed the U.S. economic downturn.

Mexico receives the world's third largest amount of remittances, after India and China.