Slight Decline In Jamaica’s Remittance For First Three Quarters In 2018

  • For the period January to September 2018, Jamaica recorded net remittance inflows of US$1,553.3Mn, which represents a decline of 0.3% or US$4.8Mn relative to the corresponding period in 2017.

 

  • The decrease reflected a marginal decline in remittance inflows by 0.1% or US$1.5Mn along with an increase of 1.9% or US$3.4Mn in outflows. The decrease in inflows was attributable to a decline of 0.5% in Remittance Companies partly offset by an increase of 2.6% in Other Remittances.

 

  • The largest source market of remittances to Jamaica in September 2018 remained the USA (63.1%), which saw an increase in its share from 62.5% recorded September 2017. The remaining share of remittances for September 2018 came from Canada (12.5%), followed by the UK and the Cayman Islands at 11.9% and 6.8 percent, respectively.

 

  • In contrast to Jamaica’s relatively flat growth rate for the month, Mexico, Guatemala, and El Salvador registered growth rates of 15%, 11.9 %, and 9.6%, respectively. Overall, the January to September 2018 period had gross remittance inflows totaling US$1,736.8Mn.

(Source: BOJ)