Posted: 5 months ago

Georgia's Tourism Revenue Surges to $4.1 Billion in 2023

Georgia's tourism sector witnessed a remarkable surge in 2023, with revenues exceeding $4.1 billion, marking a significant 17% increase compared to 2022. This year's earnings from international travel have outperformed the pre-pandemic figures by 24%, indicating a robust recovery and growth in the industry.

Data from the National Bank of Georgia (NBG) reveals that the 2022 figures had already surpassed 2019's pre-pandemic levels by 106%, and this positive trend has continued steadily.

A notable portion of the tourism revenue, approximately 13.4% or about $550 million, was contributed by visitors from European Union countries. Despite a slight decline in the last quarter, Russia remains a major source of tourism income for Georgia, accounting for 22.8% of the total revenue.

Interestingly, there has been a marked decrease in spending by tourists from Saudi Arabia, which dropped to $11.8 million in the fourth quarter from $67 million in the third quarter of 2023. Similarly, tourist expenditure from Israel also saw a reduction, falling to $50 million in the fourth quarter from the previous quarter's $110 million.

These figures underscore the dynamic nature of Georgia's tourism sector, reflecting both the resilience and the evolving patterns of international travel to the country.