Mexico: Growth of worker remittances back to Mexico slows to trickle

By Stephen DinanSeptember 13, 2007

Remittances to Mexico — the money Mexican workers in the U.S. send back home — barely rose in the first half of this year, breaking a streak of phenomenal growth and raising the prospect that Mexico's second-largest source of foreign income is stagnating.

From 2003 to 2006, remittances averaged nearly 20 percent growth per year. That fell to less than 1 percent for the first six months of this year, compared with the first half of last year, according to a Migration Policy Institute report that based its data on Bank of Mexico figures.

Remittances fell 4 percent in June this year, compared with June 2006, though July's numbers rebounded at 4 percent more than July 2006.
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