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April 29, 2013

European economic crisis being felt in remittances to South America

For another look at how the European economic crisis is hitting South America, check out today's IDB report on remittances. The study found that while remittances were up slightly (0.6 percent) in Latin America and the Caribbean during 2012, inflows were down 1.1 percent in South America. 

Look at the full report here, or my colleague Mimi Whitefiled's story here, but, in short, the study shows that regions that rely on the U.S. for remittances were faring better than those that rely on Spain and Europe. 

In Central America, for example, remittances were up in every country. In South America, they were down in eight out of 12 nations.

The top receivers in SouthAm were Colombia ($4.1 billion), Peru ($2.8 billion), and Ecuador ($2.5 billion.)

Click here to see the full list and play around with an interactive map.

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jim wyss

Inside South America is written by Jim Wyss, the South America bureau chief for the Miami Herald and McClatchy Newspapers.

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