Tourism
Posted: 8 months ago

Georgia Expects an Annual Boost in Tourism Revenue: Predicts $4 Billion Haul

The tourism sector in Georgia is experiencing a resurgence, according to recent estimates provided by Galt&Taggart. The figures for May 2023 indicate that the nation raked in $304 million from international tourism, marking an impressive 18% growth compared to the same period in the previous year.

Lasha Kavtaradze, an economist at Galt&Taggart, confirmed these figures in an interview with "Business Partner". He revealed that the upward trend in revenue is supported by data from the first five months of 2023.

"From January to May 2023, Georgia's international tourism revenue tallied up to $1.35 billion," Kavtaradze shared. He further explained the steady monthly growth, noting, "In April, the country generated $250 million from tourism, which surged to $304 million in May."

Despite these robust figures, Kavtaradze asserted that Galt&Taggart maintains its initial annual forecast. "We anticipate annual tourism revenues to hover around the $4 billion mark. This projection excludes the impact of migrant expenditure, as the National Bank has started to omit data from those migrants who have obtained residency," he clarified.

Looking ahead to the peak summer months, Galt&Taggart's estimates suggest that tourism revenue could reach $1 billion during July and August.

The surge in tourism has been palpable in the first quarter of 2023. Georgia welcomed 1.2 million international non-resident travelers, doubling the figures from the corresponding period in the previous year. Almost 80% of these international visitors were exclusively tourists, primarily visiting for rest, entertainment, and recreation. On average, these tourists spent six nights in the country.

The steady growth in tourism revenues underscores Georgia's growing appeal as an international tourist destination, and its strategic efforts to capitalize on this potential.