Travel service balance showed a surplus of 4.1 billion euros in August up from a surplus of 3.9 billion euros in the respective month of 2022, data from the central bank showed. 

In the January-August period, travel services surplus stood at 13.0 billion euros, up from a surplus of 11.5 billion euros in the year-ago period. The number of tourist arrivals reached 6.5 millions in August and 22.6 million in the first eight months of the year. 

In August, travel receipts rose by 5.2%."The rise in travel receipts was due to a 10.4% increase in inbound traveller flows, as average expenditure per trip declined by 5.1%. Net receipts from travel services accounted for 90.9% of total net receipts from services and more than offset (135.6%) the goods deficit,” BoG said in a statement. 

Travel receipts were 15.3% higher in the January-August period.