Remittances sent home from Mexicans working abroad — mostly in the United States — spiked in July to US $2.45 billion, 9.4% more than July 2016 and up slightly from the previous month’s $2.41 billion, the Bank of México reported.
It was still shy of the $2.58 billion recorded in May, which is typically a big month for remittances due to Mother’s Day.
The increase was considerably higher than what analysts had expected.
Total for the first seven months of the year was $16.4 billion, up 6.42% over the same period last year.
The 2016 total was a record $26.99 billion, money that went a lot farther due to the peso’s plunge against the dollar during the year.
On Wednesday, the central bank revised its economic growth projections for the current year to a range of 2% to 2.5%, up from the previous forecast of 1.5% to 2.5%.
It also raised its 2018 forecast to 2% to 3% from 1.7% to 2.7%.
The bank said the outlook had improved with a recovery in international economic activity and trade, while in the domestic market there were signs of resilience and business and consumer confidence was gradually rising.