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This represents an increase of 9.5% compared to the US$142 billion received in 2022, consolidating fifteen consecutive years of growth.
The sustained growth in remittances reflects new intraregional migratory flows and the contribution that migrants make to their countries of origin. This increase in 2023 is mainly explained by the growth of remittances received by Central American countries (13.2%), the growth of remittances received by Mexico (9.8%) and the growth of remittances received by South America (7.9%).
For El Salvador, the IDB expects a total of US$8,198 million to be received by the end of 2023. The estimated amount for the year reflects the increase in the income of migrants, who improved their employment rates, as well as the progress of the migration process in previous periods, which allowed an increase in the flow of remittances received by families in the countries of origin.
Translated by: A.M