One of Jamaica’s largest sources of foreign exchange is remittances. diGJamaica tracks the Net Remittances, which is the total remittances into the island less the total remittances leaving the island.
Net Remittances for the calendar year 2012 were US$1.767 Billion, representing a very slight 0.6% increase over 2011’s figure of US$1.757 Billion. However, due to the currency devaluation in 2012, remittances in 2012 probably stretched a little further than 2011 but diGJamaica can only speculate about that due to the uncertain nature of people’s spending habits, etc.
The chart below shows how net remittances have recovered since the start of the great recession in 2008.
Net Remittances by Year:
- 2008 – US$1.711 Billion
- 2009 – US$1.552 Billion
- 2010 – US$1.658 Billion
- 2011 – US$1.757 Billion
- 2012 – US$1.767 Billion
Do you think the US and UK economies have recovered enough for net remittances to increase in 2013?