Georgia’s tourism revenues decreased by 2.1% year-on-year to $1.5 billion in January–May 2026, according to Galt & Taggart. The decline was mainly driven by weaker performance in March and April, linked to reduced tourist flows from the Middle East.
In May, however, tourism revenues showed recovery, increasing by 3.5% year-on-year to $380 million, partially offsetting earlier losses.
The investment bank notes that the early-year downturn was largely temporary, but overall performance remained slightly negative. It also revised its 2026 forecast downward by $100 million, projecting total tourism revenues of $4.9 billion, citing geopolitical risks, including tensions involving Iran.
For comparison, in 2025 Georgia generated $4.69 billion from international travel, up 6% year-on-year, with Russia, Turkey, Israel, Azerbaijan, and Armenia among the country’s main source markets.
