Nicaragua has a continuous growth in the flow of remittances into its economy, reflected in the second quarter of 2023, according to the Central Bank of the Central American nation.
The report and statistics of Remittances for the second quarter of 2023 of the banking entity, shows that remittances totaled 1194.7 million dollars, representing an impressive year-on-year growth of 56.5% compared to the same period last year, $763.6 million was received.
US, Costa Rica and Spain with higher remittance flows to Nicaragua
Likewise, remittances accumulated in June reached the figure of 2215 million dollars, exceeding by 58.6% what received during the same period in 2022, when 1396.2 million dollars were registered.
The countries that contributed most to this flow of remittances were the United States, representing 83.2% of the total, followed by Costa Rica with 6.6% and Spain with 5.6%, which adds 95.4% of the total received.
The report highlights the significant growth in remittance flows from the United States, which reached 1818.2 million dollars, showing an impressive year-on-year growth of 77.4%, that is, 793.3 million additional dollars compared to the first half of 2022.
In addition, an 18.5% increase was observed in remittances from Costa Rica, which is equivalent to an additional 24.6 million dollars, reaching a total of 132.8 million dollars as of June 2022.
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As for the distribution of remittances accumulated in June, they were mainly concentrated in nine departments, with the capital Managua having the highest percentage with 24.3 percent, followed by Matagalpa (10.4%), Chinandega (10.2%), Estelí (8.3%), Nueva Segovia (7.5%), León (6.3 %), Jinotega (5.2 %), RACCS (5.2 %) and RACCN (4.6 %).
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The report highlights that this positive behavior of remittances as of June has been observed throughout the region, with Nicaragua (58.6%), Guatemala (10.9%), Honduras (7.4%) and El Salvador (5.6%) the countries with the most outstanding results.
