Investment company says Georgia's annual tourism revenue expected to reach $4 bln
"Between January-May 2023, Georgia's income from international tourism amounted to $1.35 billion”, Kavtaradze said while also highlighting monthly growth, which reached $250 million in April and equalled $304 million in May. Photo via bm.ge
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Galt & Taggart, a Georgian-based company for investment banking and management services, has forecast the country’s annual tourism revenues to reach the range of $4 billion, the company’s economist Lasha Kavtaradze said on Saturday.
Kavtaradze explained migrants who had already become residents had been excluded from the tourism statistics, and noted revenues from tourism would reach $1 billion for the July-August summer season.
In the first quarter of 2023, 1.2 million international non-resident travellers entered Georgia, twice as many as the figure in the same period of last year, Kavtaradze told local media.
He also emphasised tourism revenue had increased by up to 18 percent, compared to the previous year.
"Between January-May 2023, Georgia's income from international tourism amounted to $1.35 billion”, Kavtaradze said while also highlighting monthly growth, which reached $250 million in April and equalled $304 million in May.
Galt & Taggart, a Georgian-based company for investment banking and management services, has forecast the country’s tourism revenues to increase by 15 percent year-on-year and reach $4 billion in 2023, in its Tourism Market Watch update released on Wednesday.
Georgia’s revenue from tourism exceeded $795 million in the first quarter of 2023, marking a 102 percent increase year-on-year and a 37.5 percent increase compared to the same period of pre-pandemic 2019, the Georgian National Tourism Administration said on Friday.
The number of arrivals of international travellers in Georgia equalled 1,208,462 in the first quarter of 2023, marking a 109.6 percent increase year-on-year, the Georgian National Tourism Administration said on Thursday.
Galt & Taggart, a Georgian-based investment banking and investment management services, has forecast a 5.2 percent average annual inflation in Georgia this year.
Georgia’s three international airports served 2,485,263 passengers between January-June, marking a 45 percent year-on-year increase, the Georgian Civil Aviation Agency said on Wednesday.