Galt&Taggart expects tourism revenues at USD 4.2bn for the full 2023, according to the updated Monthly Economic Review.
According to the document,In 3Q23, tourism revenues increased by 5.3% y/y to USD 1.45bn. The top source of tourism revenues was Russia, contributing US$ 285.3mn (19.7% of total), following Türkiye at USD 220.5mn and the European Union at US$ 212.0mn. Overall, tourism revenues reached USD 3.25bn (+29.2% y/y) in 9M23.
"In total, 4.8mn international visitors came to Georgia in 9M23, with 3.7mn of them being tourists, while the rest consisted of same-day arrivals. These tourist arrivals represent 91.6% of the levels seen in the same period in 2019. Although arrivals remain below the 2019 levels, tourism revenues in 9M23 almost matched the full-year figure for 2019, increasing by 29.2% y/y to USD 3.25 bn", - the document reads.
