According to Galt&Taggart estimates, tourism revenues increased by 5.2% y/y, reaching US$ 550mn in Aug-23. Overall, tourism revenues reached US$ 2.9bn (+34.7% y/y) in 8M23, based on our estimate.
Data on tourism statistics are published once a quarter. According to the National Tourism Administration, in January-June 2023 Georgia earned $1,804,529,935 in revenue from international travel (tourism) that is a 123.9% recovery of the 2019 level (+ $348,461,374).
"Compared to 2022, revenues from international tourism have increased by +$ 661,999,720 (+57.9%). Revenues from international tourism in the second quarter exceeded the 2019 level and stood at $1,009,112,957 that is a 115% recovery from the 2019 levels. Compared to the second quarter of 2022, revenues from international tourism have increased by + $260,291,106 (+34.8%) ," the Administration states.