Economy / El Salvador
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Macroeconomic Forecast El Salvador
July 2008 | Macroeconomic ForecastsSorry, you must be a subscriber to view this article in full. If you are a subscriber please login.
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Workers remittance inflows totalled US$1.94bn in the first six months of 2008, a 6.6% y-o-y rise from the previous year. While down from the double-digit rate seen in recent years, the figures come as a welcome surprise, as remittance flows across other Central America states have shown signs of considerable weakness. We caution, however, that with the US construction sector still nowhere near mounting a recovery, remittance growth could yet flatten out in H208, which could weigh on our full-year current account projection of a 5.6% deficit this year.