Macroeconomic Forecast El Salvador

BMI View: We have revised down our year-end remittances forecast from US$3.78bn to US$3.55bn, owing to disappointing data over the past few months. Although the latter would mark another annual record (from US$3.32bn in 2006), there has been a clear slowdown in remittance growth since its peak in 2006, with the 12-month accumulated total to October experiencing its lowest expansion since 2003.

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