• SLOWDOWN: Remittances to Mexico slowed down in November but annual growth is still expected to set a new record when final 2019 numbers are presented with an accumulated total USD 32.9 billion received during the first 11 months of the year, according to central bank data.
• NOVEMBER: Following previous years trends, November of last year was a weak month for remittances recording USD 2.8 billion, the weakest for November since 2016. Since May of last year, remittances to Mexico had surpassed the USD 3 billion mark every month.
• COUNTRIES: Mostly coming from workers in the US, Mexico received USD 33.8 billion in remittances in 2018 and are one of the top sources of foreign income. According to the World Bank, Mexico is the third recipient of remittances just behind India and China.
• KEY FACTOR: “Growth will pick up gradually, as robust remittances, increases in minimum wages and declining inflation will boost consumption”, the Organization for Economic Cooperation and Development (OECD) said in December highlighting the key role remittances play in Mexico.
