Tourism revenues stood at US$ 274.0mn (+20.9% y/y, excluding migration effect) in Nov-23, according to our estimates.

Overall, tourism revenues came in at US$ 3.9bn (+22.4% y/y) in 10M23. We forecast tourism revenues at US$ 4.2bn (+19.0% y/y) for the full year 2023 and at US$ 4.5bn (+7.0% y/y) for 2024.