TBC Capital published a report on Georgia’s Tourism Industry. According to the report, TBC Capital expects 40% of 2019 tourism inflows to recover in 2021, with revenues exceeding the level of 2019 by 10% in 2022.
TBC Capital notes, that dynamics of tourist visits is gradually improving in Georgia and improvement is mostly driven by air traffic and with land borders opened from June.
According to the report, growth rate of Georgia’s international tourist arrivals has improved noticeably in Q2 2021 QTD, compared to the previous quarter. The number of overnight trips amounted 96.5 thousand in May 2021, posting a 23% recovery of the 2019 level.
“Tourism inflows generated by Georgia in May was -72.7% less than in the corresponding month of 2019, which is an improvement compared to April (-81.3%). The growth rate of non-cash spending by non-residents through TBC channels has also strengthened in the first week of June. According to the baseline scenario, Georgia’s tourism revenues will reach 1.3 billion USD in 2021, standing at 3.6 billion USD in 2022. The scenario entails the probability of additional lockdown risks, without which the upside could be even higher”, - report reads.
