Net remittances to Jamaica climb in 2019

The Bank of Jamaica (BOJ) has released final data on remittances for the year ending December 2019 with the numbers showing gross remittance inflows increasing by  5.0 per cent or US$11.2 million along with a decrease of 10.5 per cent or US$2.4 million in outflows.

For December itself, inflows were US$212.0 million, up 6.8 per cent or US$13.5 million relative to December 2018. The Bank of Jamaica in its report said the increase in gross remittance inflows was attributable to increases of 8.0 per cent and 4.5 per cent in Other Remittances and Remittance Companies, respectively.

Between January and December 2019, net remittance inflows of US$2152.3 million increased by 2.6 per cent or US$55.5 million, relative to the previous corresponding period.

Specifically, the increase reflected an increase of 3.0 per cent or US$69.2 million in remittance inflows partially offset by an increase of 5.5 per cent or US$13.7 million in outflows. The largest source market of remittances to Jamaica in December 2019 remained the USA, whose share increased to 63.2 per cent, from 62.8 per cent recorded December 2018.

The remaining share of remittances for December 2019 came from the UK at 13.5 per cent, followed by Canada and the Cayman Islands at 9.3 per cent and 8.1 per cent, respectively. In 2019, Jamaica’s growth rate of 3.0 per cent was below Guatemala which registered a growth rate of 13.1 per cent. Mexico and El Salvador registered growth rates of 7.6 per cent and 3.4 per cent, respectively.