US Remittances Make Up 25% of Honduras GDP 

Photo of author

By LatAm Reports Editor

Remittances sent by compatriots based in the U.S. represent between 25.5% and 26.5% of Honduras’ GDP

Hondurans based in the United States have become the supporter of the national economy with their shipments of family remittances.

Preliminary figures provided to EL HERALDO by technical sources of the Central Bank of Honduras (BCH) indicate that in 2023 $9,030.7 million dollars from the United States entered.

Total remittances received in Honduras amounted to $9,177.5 million, according to BCH data, of which 98.4% were sent by compatriots based in the United States.

The income of remittances from the United States represents between 25.5% and 26.5% of Honduras’ Gross Domestic Product (GDP).

Central Bank whistleblowers argue that the behaviour of remittances by country of origin has been maintained in recent years.

In 2022, remittances amounted to $8,683.6 million, with a share of 98.6% in the United States, equivalent to 8.562.9 million.

Between 2022 and 2023, remittances sent by Hondurans living in the U.S. increased by $467.8 million, equivalent to 5.39 percentage points.

They add that the remaining 2% of shipments comes from countries such as Spain, Canada, Mexico, Guatemala, El Salvador, Italy, Cayman Islands and Costa Rica.

Study

The BCH’s semi-annual survey of remittances for August 2023 reveals that in relation to the economic activities in which emigrants operate, by country of residence, it is observed that those based in the United States work mainly in other services and private construction with a participation of 38.6% and 14.9%, each.

Other occupations, including manufacturing industry; transport and storage; hotels and restaurants; trade; agriculture and livestock; forestry, hunting and fishing, and financial services, 24.1 per cent are concentrated. In other activities, 22.4 per cent of compatriots are located.

This article has been translated from the original which first appeared in El Heraldo