Remittances exceed the budget for Health, Education, Welfare and Defense

Remittances exceed the budget for Health, Education, Welfare and Defense

The amount of remittances from the previous year was also above the amount that the federal government budgeted for investment in this 2022 of 982,000 million pesos.

94.9% of the remittances sent to Mexico in 2021 came from the United States. But currencies were also received from Canada, Ecuador, the United Kingdom, Chile and Colombia, according to data from BBVA Research.

“We are talking about a very important transfer of these transfers in Mexico and it has had a positive impact on the economy, although this income is sent by people who looked for a job opportunity abroad,” BBVA considered.

In addition, 4 out of every 5 pesos that Mexico received in remittances were paid through non-bank institutions such as commercial, department and convenience stores, supermarkets, pharmacies and other non-financial establishments.

Although it is expected that this year they will continue to grow in number and amount, analysts estimate that the growth rate will be lower due to a high base of comparison and before the beginning of the withdrawal of stimuli by the US government.

“Having had this record income, going forward it will be increasingly difficult to have that level of growth next year, but we hope that the good performance (in sending remittances) will continue due to the expansion of the economy in the United States,” said Janneth Quiroz.

For the following year, the GDP of the United States is expected to expand by around 4%.

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