Tourism revenues amounted to US$1.7bn in 3Q25, marking a 6.6% y/y increase. Israel was the largest contributor (+28.0% y/y), followed by the EU (+13.3% y/y), Azerbaijan (+36.3% y/y) and Asian markets – broadly in line with visitor trends- Galt&Taggart report reads.
Despite solid visitor growth from Russia, revenues from this market declined 2.7% y/y in 3Q25, while receipts from Iran also reduced slightly (-1.2% y/y) due to lower arrivals.
Overall, in 9M25 tourism revenues were up by 5.1% y/y to US$3.6bn, prompting an upward revision of the 2025 forecast to US$ 4.6bn. For 2026, we anticipate tourism revenues to reach US$ 4.9bn.
