Thursday, October 06, 2011

Remittances and household finance


A recent article in La Prensa Grafica explores the importance of remittances, the money sent from relatives living and working abroad, in supporting Salvadoran families. The article pulls data from the recent 2010 multi-purpose poll of households conducted by the Salvadoran government.


Some of the statistics: 
  •  More than 337,000 families in El Salvador receive remittances, equalling 21% of the households in the country.
  •  91.6% of the families direct their remittances towards consumption, while only 1.4% say they save some or all of what they receive from abroad.
  • Remittances constitute 17% of the national economy, one of the highest levels in Latin America.
  • Remittances have reduced levels of poverty in El Salvador. 70% of of the households which receive remittances are not in poverty.
  • Most households receive between $46 and $113 per month in remittances.
     
  • More than 90% of Salvadorans have a relative living in the US.
Remittances sent into El Salvador have totaled $2.422 billion through the first eight months of 2011, an increase of 4.8% over the previous year.

2 comments:

rubireyes said...

I see these statistics all of the time but would really love to see a breakdown by region. I live in Morazan and of the 100's of people that we know, can only think of 2 households that do not get money from the US. A huge difference from the 21% that is reported. I think it might have to do with the number of people who left this area for the US during the war. It is just a theory of mine and I would love it if someone could either prove or disprove it for me, but I think that Morazan receives more remittances than other parts of the country.

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