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Remittances were largely flat year-over-year in 2012 due to a sluggish Spanish economy.

Remittances to Latin America posted modest growth in 2012 according to the latest data from Latin Business Chornicle. In total, an estimated $61.2 billion was sent to the region from abroad in 2012 – only a 0.6 percent increase on 2011. The year saw strong growth in the first half of the year that was tempered by declines in the third and fourth quarters. 

At $61.2 billion, remittances to the region have yet to recover from the steep decline registered during the 2008-2009 financial crisis, which saw a year-over-year decline of 15 percent between 2008 and 2009. In 2008, nearly $65 billion was sent to Latin America – the highest in recent years. Analysts from the World Bank and Inter-American Development Bank believe 2013 could finally see remittances reach that level again.

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