Tourism revenues reached US$ 300mn (+26.6% y/y, excluding migration effect) in Jan-24, according to our estimates. We forecast tourism revenues at US$ 4.5bn (+10.0% y/y) for 2024, assuming that international visits to Georgia will fully recover to pre-pandemic levels — Galt&Taggart report reads.

Note: In 2023, revenues from international tourism exceeded the 2019 level by 26.2% (856.7 million US dollars), and by 17.3% the 2022 levels (608.7 million US dollars). Georgia received a record $4.1 billion in revenue.