RemittancesGateway.org

Remittance to Jamaica rise 7.4% in February

Friday, 09 April 2010 12:57

Despite the ongoing economic challenges resulting from the financial crisis, Jamaicans living abroad sent home 7.4% more money to their families this February than at the same time last year. This marks the fourth consecutive month of growth, making it likely that Jamaica will be the first country in Latin America and the Caribbean to have passed the bottom of the decline in remittances due to the financial crisis.

Remittances are vital to the Jamaican economy, representing approximately 15% of GDP last year (the equivalent of $660 per person living in Jamaica). Remittances coming from the United States rose more strongly than those from other regions, making up 62% of remittance to the island, up from 56% last year.

Placed in a regional context, remittances to Central America during the first two months of the year declined 6.5% from 2009 levels, while Mexico continues to be hardest-hit by the crisis, experiencing an almost 15% decline with respect to the same period.