Investment company says Georgia's tourism revenue to increase by 15%, reach $4 billion in 2023
Georgia’s tourism revenues had stood at $363.3 million in December - up 2.9 times year-on-year and surpassing the pre-pandemic 2019 level by 67.2 percent. Photo: Nino Alavidze/Agenda.ge
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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.
The release said Georgia’s tourism revenues had stood at $363.3 million in December - up 2.9 times year-on-year and surpassing the pre-pandemic 2019 level by 67.2 percent - and added international arrivals to the country were expected to reach 7.7 million next year.
In the statistics update, Russia accounted for 30.1 percent of Georgia’s tourism revenues, followed by Turkey (23.3%) and Ukraine (6.7%), while revenues from the European Union stood at 5.3% of the total.
Galt & Taggart also noted the figure also accounted for the impact of arrivals in Georgia from Russia, Belarus and Ukraine since the start of the Russia-Ukraine war in February 2022.
It said the estimations showed about 150,000-200,000 visitors - including the increased arrivals from Russia starting in late September, following the military mobilisation announced in the country - had relocated to Georgia “for longer term than regular tourists”.
Also in the figures, the number of international visitors stood at 504,620 in December, up 213.9 percent y/y and recovering to 94.4 percent of the 2019 level.
Most of the visitors came from:
- Turkey (39.5% of total)
- Russia (17.7%)
- Armenia (15.1%)
The report also noted demand for accommodation from the arriving individuals had swung from Airbnb offerings to hotels in December.
Demand on Airbnb options only surpassed the December 2019 level by 7.6 percent, in contrast to 51.4% in the preceding month, while the hotel demand recovery accelerated month-on-month, it pointed out.
Georgia received $3.5 billion from international tourist visits in 2022, a figure that represented a 182.5 percent increase compared to 2021, the National Tourism Administration said on Monday.
Passenger traffic for airlines operating in Georgia recovered in 2022 by 85 percent compared to pandemic levels, while the number of flights were restored to 88 percent of pre-Covid figures, the Georgian Civil Aviation Agency announced on Monday.
Georgia’s revenues from tourism reached $3.2 billion between January-November, a 103.5 percent recovery from the same period of the pre-pandemic 2019 and a 182.4 percent increase over the same period of 2021, the National Tourism Administration said on Friday.
In January-April of 2021, revenue from foreign tourism decreased by 77.5% year-on-year in Georgia, says Galt & Taggart, an investment banking and investment management services company in Georgia.
Georgia’s tourism potential has been promoted at Balttour 2023, one of the largest trade fair exhibitions in Latvia’s capital city of Riga, with the involvement of the country’s national tourism bodies and 11 companies, the Georgian National Tourism Administration said on Saturday.
The largest number of visitors Georgia hosted last year came from Russia, followed by Turkey and Armenia, the latest inbound tourism statistics published by the National Statistics Office of Georgia on Tuesday show.
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.
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.
Hungarian bloggers, influencers and photographers have been hosted in cities of Georgia’s west to explore the domestic tourist potential before publishing impressions to their readers and followers, the Georgian National Tourism Administration said on Monday.
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 Statistics Office said on Monday.
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.