THE BALANCE OF PAYMENTS

Transcription

1 THE BALANCE OF PAYMENTS REMITTANCE REPORT April 2016 Economic Information & Publications Department RESEARCH AND ECONOMIC PROGRAMMING DIVISION

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3 THE BALANCE OF PAYMENTS REMITTANCE REPORT April 2016 Economic Information & Publications Department RESEARCH AND ECONOMIC PROGRAMMING DIVISION BANK OF JAMAICA P.O. BOX 621 Kingston, Jamaica

4 Copyright 2016 Bank of Jamaica Nethersole Place P.O. Box 621 Kingston, Jamaica, W.I. All rights reserved The material in this publication is copyrighted. Copying and/or transmitting portions or all of this work without permission may be a violation of applicable law. The Bank of Jamaica encourages dissemination of its work and will normally grant permission promptly to reproduce portions of the work. For permission to photocopy or reprint any part of this work, please send a request to Economic Information and Publications Department, Bank of Jamaica, Nethersole Place, P.O. Box 621, Kingston, Jamaica, Telephone: (876) , Fax: (876) , library@boj.org.jm. ISSN Printed in Jamaica

5 TABLE OF CONTENTS Pages Overview 1 Current Remittances 3 Historical Remittances 5 Selected Indicators 9 Remittances: Selected Countries 10 Remittances Inflows by Source Country 11 Remittance Outflows by Recipient Country 12 Graphs 1. Historical Trend in Remittance Inflows: April Historical Trend in Remittance Inflows: Jan-April Remittance Growth Rates Percentage Contribution of Remittance Inflows by Source Country 13 ii

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7 Overview Table 1 JAMAICA'S REMITTANCES (US$MN) April April % * Change Change** Total Remittance Inflows Remittance Companies^ Other Remittances Total Remittance Outflows April 2016 For April 2016, net remittances were US$183.5 million, an increase of US$17.2 million or 10.4 per cent relative to the corresponding month of 2015 (Table 1). The growth in net remittance inflows reflected an increase in gross remittance inflows as well as a contraction in remittance outflows. Net Remittances * Provisional ** Growth relative to the corresponding period of the previous year ^ Flows through Remittance Companies Source: Bank of Jamaica US$MN Graph 1 Historical Trend in Remittance Inflows April Five year average = Per cent Gross remittance inflows for the month were US$202.7 million, an increase of US$15.5 million or 8.3 per cent relative to the corresponding month of the previous year. These inflows were above the average of US$180.6 million for the previous five corresponding periods (Graph 1). The expansion in total remittance inflows emanated from increases of US$13.0 million and US$2.5 million in flows through Remittance Companies and Other Remittances, respectively (Table 1) Remitt Inflows (LHS) 5 year average (LHS) Remitt grwth% (RHS) Source: Bank of Jamaica Economic Information & Publications Department 1

8 US$MN Per cent Table 2 JAMAICA'S REMITTANCES (US$MN) Jan-April Jan-April % * Change Change** Total Remittance Inflows Remittance Companies^ Other Remittances Total Remittance Outflows January to April 2016 Net remittances for the first four months of 2016 were US$659.6 million, which represented a growth of US$22.4 million or 3.5 per cent relative to 2015 (Table 2). The outturn for the review period reflected an increase in gross inflows, partially offset by a growth in outflows. Net Remittances Revised * Provisional ** Growth relative to the corresponding period of the previous year ^ Flows through Remittance Companies Source: Bank of Jamaica Graph 2 Historical Trend in Remittance Inflows Jan - April For the review period, total remittance inflows were US$740.0 million, an increase of US$24.7 million or 3.5 per cent. These inflows were above the average of US$684.6 million for the previous five corresponding periods (Graph 2) and above the corresponding pre-crisis outturn for Five year average = The increase in total remittance inflows reflected an increase of US$23.1 million in inflows through Remittance Companies and a marginal increase of US$1.6 million in flows via Other Remittances Remitt Inflows (LHS) 5 year average (LHS) Remitt grwth% (RHS) Source: Bank of Jamaica

9 Table 3 Jamaica's Remittances US$ Millions * Change % Change** April April Remittance Inflows Remittance Companies^ Other Remittances Total Remittance Inflows Total Remittance Outflows Net Remittances * Provisional ** Growth relative to the corresponding period of the previous year. ^ Flows through Remittance Companies Economic Information & Pubilcations Dept. Research & Economic Programming Division Bank of Jamaica Economic Information and Publications Department 3

10 Table 4 Jamaica's Remittances US$ Millions * Change % Change** Jan-April Jan-April Remittance Inflows Remittance Companies^ Other Remittances Total Remittance Inflows Total Remittance Outflows Net Remittances * Provisional ** Growth relative to the corresponding period of the previous year. ^ Flows through Remittance Companies Economic Information & Pubilcations Dept. Research & Economic Programming Division Bank of Jamaica Economic Information and Publications Department 4

11 Table 5 Jan Feb Mar Apr May Jun Jul Aug Sept Oct Nov Dec TOTAL Remittance Companies * * month/month growth rate (%):2015/ CYTD growth rate (%):2015/ Other Remittances * month/month growth rate (%):2015/ CYTD growth rate (%):2015/ Total Remittance Inflows * * month/month growth rate (%):2015/ CYTD growth rate (%):2015/ Total Remittance Outflows * * month/month growth rate (%):2015/ CYTD growth rate (%):2015/ Net Remittances * * month/month growth rate (%):2015/ CYTD growth rate (%):2015/ * Provisional Economic Information & Pubilcations Dept. Research & Economic Programming Division Bank of Jamaica Jamaica's Historical Remittances (Calendar Year) US$ Millions Economic Information and Publications Department 5

12 Table 6 Apr May Jun Jul Aug Sept Oct Nov Dec Jan Feb Mar TOTAL Remittance Companies 2012/ / / /2016* /2017* month/month growth rate (%):2015/ FYTD/FYTD growth rate (%) Other Remittances 2012/ / / /2016* /2017* month/month growth rate (%):2015/ FYTD/FYTD growth rate (%) Total Remittance Inflows 2012/ / / /2016* /2017* month/month growth rate (%):2015/ FYTD/FYTD growth rate (%) Total Remittance Outflows 2012/ / / /2016* /2017* month/month growth rate (%):2015/ FYTD/FYTD growth rate (%) Net Remittances 2012/ / / /2016* /2017* month/month growth rate (%):2015/ FYTD/FYTD growth rate (%) * Provisional Economic Information & Pubilcations Dept. Research & Economic Programming Division Bank of Jamaica Jamaica's Historical Remittances (Fiscal Year) US$ Millions Economic Information and Publications Department 6

13 Table 7 Jamaica's Historical Remittances (US$MN) Remittance Companies Other Remittances Total Remittance Inflows Total Remittance Outflows Net Remittances Economic Information & Pubilcations Dept. Research & Economic Programming Division Bank of Jamaica Economic Information and Publications Department 7

14 Table 8 Jamaica's Historical Remittances (by quarters) US$ Millions Jan-Mar Apr-Jun Jul-Sept Oct-Dec Remittance Companies * * quarter/quarter growth rate (%):2014/ quarter/quarter growth rate (%):2015/ quarter/quarter growth rate (%):2016/ Other Remittances * * 76.8 quarter/quarter growth rate (%):2014/ quarter/quarter growth rate (%):2015/ quarter/quarter growth rate (%):2016/ Total Remittance Inflows * * quarter/quarter growth rate (%):2014/ quarter/quarter growth rate (%):2015/ quarter/quarter growth rate (%):2016/ Total Remittance Outflows * * 61.2 quarter/quarter growth rate (%):2014/ quarter/quarter growth rate (%):2015/ quarter/quarter growth rate (%):2016/ Net Remittances * * quarter/quarter growth rate (%):2014/ quarter/quarter growth rate (%):2015/ quarter/quarter growth rate (%):2016/ * Provisional Economic Information & Publications Dept. Research & Economic Programming Division Bank of Jamaica Economic Information and Publications Department 8

15 Table 9 SELECTED INDICATORS * REMITTANCE INFLOWS (US$Mn) 2, , , , , , , ,226.0 TOURISM EXPENDITURE (US$Mn) 1, , , , , , , ,400.6 EXPORTS (US$Mn) 2, , , , , , , ,266.6 FDI INFLOWS (US$Mn) 1, ,436.6 IMPORTS (US$Mn) 8, , , , , , , ,032.0 GDP (US$Mn) 13, , , , , , , ,787.3 Ratios (%) * Remittance/Population (US$) (Per Capita) Remittances/GDP Remittances/Tourist Expenditure Remittances /Exports Remittances/FDI (INFLOWS) Remittances/Imports Economic Information & Publications Department Research & Economic Programming Division Bank of jamaica * Provisional ** Preliminary estimates + Revised Economic Information and Publications Department 9

16 Table 10 Remittances for Selected Countries Jan Feb Mar Apr May Jun Jul Aug Sept. Oct Nov Dec Mexico * * month/month growth rate (%):2015/ CYTD growth rate (%):2015/ El Salvador * month/month growth rate (%):2015/ CYTD growth rate (%):2015/ Guatemala * month/month growth rate (%):2015/ CYTD growth rate (%):2015/ Jamaica * month/month growth rate (%):2015/ CYTD growth rate (%):2015/ * Provisional..- data not available + Revised Sources : Central Banks of each country. Please note that the information above reflects the most accurate data to date,as such, these figures are subject to revision. Economic Information & Pubilcations Dept. Research & Economic Programming Division Bank of Jamaica US$ Millions Economic Information and Publications Department 10

17 Table 11 Inbound by Source Country (US$MN)^* 2014 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Total USA of which Remittance Companies UK of which Remittance Companies CAN of which Remittance Companies CAY of which Remittance Companies Other of which Remittance Companies TOTAL of which Remittance Companies Inbound by Source Country (US$MN)^* 2015 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Total USA of which Remittance Companies UK of which Remittance Companies CAN of which Remittance Companies CAY of which Remittance Companies Other of which Remittance Companies TOTAL of which Remittance Companies Source: Bank of Jamaica Estimates are based on information submitted by Remittance Companies ^ Revised *Provisional Inbound by Source Country (US$MN)^* 2016 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Total USA of which Remittance Companies UK of which Remittance Companies CAN of which Remittance Companies CAY of which Remittance Companies Other of which Remittance Companies TOTAL of which Remittance Companies Source: Bank of Jamaica Estimates are based on information submitted by Remittance Companies ^ Revised *Provisional Economic Information and Publications Department 11

18 Table 12 Outbound by Recipient Country (US$MN)^* 2014 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Total USA CAN UK CHINA Other TOTAL Source: Bank of Jamaica Estimates are based on information submitted by Remittance Companies ^ Revised *Provisional Outbound by Recipient Country (US$MN)^* 2015 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Total USA CAN UK CHINA Other TOTAL Source: Bank of Jamaica Estimates are based on information submitted by Remittance Companies ^ Revised *Provisional Outbound by Recipient Country (US$MN)^* 2016 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Total USA CAN UK CHINA Other TOTAL Source: Bank of Jamaica Estimates are based on information submitted by Remittance Companies ^ Revised *Provisional Economic Information and Publications Department 12

19 Graph 6* Percentage Contribution by Source Country April April % 90% 80% 70% % 50% 40% 30% % 10% 0% * *-Provisional US UK CAN CAY OTHER Economic Information and Publications Department 13

20 BANK OF JAMAICA Nethersole Place P.O. Box 621 Kingston, Jamaica Telephone: Internet: Economic Information and Publications Department 14