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Tourism revenue to drop by $ 336 million in July

5ef5c61483565
BM.GE
26.06.20 13:53
719
As of the decision adopted on June 25, the Georgian government has postponed full opening of international tourism for one month and regular flights will not be performed in the country during this period. In July 2019, Georgia received a record income of $ 395.4 million from tourism. In July 2020, envisaging the closed borders, the sector's revenue will decrease by 85% -90% y-o-y, which means a decrease of 336-356 million USD.

A similar forecast is made by TBC Research, which predicted a 70% year-on-year decline in the sector’s revenue before the opening of the tourism in July, however the forecast for a reduction after the postponement of the opening is up to 90%.

In 2019, Georgia received a record income of $ 3.269 billion from international tourism. TBC Research forecasts a 65% drop in the sector's revenue this year, or 2.124 billion, this year, but delays in opening the border by August will reduce the sector's revenue by 75% year-on-year, or $ 2.451 billion.