Now a narrower focus on tourism. Georgia’s leading investment bank Galt and Taggart reviewed September 2022 for the tourism industry in Georgia and beyond. Here are some very interesting findings that I would like to share with you.
Tourism recovered quickly in 2022, almost identically everywhere. Georgia slightly lags global tourism recovery, as Russia-Ukraine war softened tourist arrivals mostly from EU countries.
Tourism recovery accelerated since May-22 after initial negative impact from Russia-Ukraine war; Tourist arrivals recovery stood at 56.8% in 1H22 and 78.7% in Jul-Aug 2022 vs pre-pandemic level. Tourism revenues are recovering faster than arrivals - 78.3% in 1H22 and 123.6% in Jul-Aug 2022 vs pre-pandemic level - explained by influx of migrants, high inflation and arrival mix (more tourists vs same-day arrivals). Hotel revenues recovered swiftly in the regions aided by domestic tourism also, while Tbilisi market still lags behind reflecting partial recovery in tourist arrivals.
