Tourism revenues hit a record US$ 1.6bn in 3Q24, marking an 8.0% y/y growth from last year’s high base- Galt&Taggart report reads.
The top sources of tourism revenue were Russia, followed by the EU, Turkey, Israel, and Saudi Aabia. From these top countries, revenue growth was positively impacted by contributions from Russia (+3.3% y/y), Israel (+33.8% y/y), and Saudi Arabia (+13.1% y/y), while revenues from the EU (-0.9% y/y) and Turkey (-13.3% y/y) declined. Other non-traditional markets also played a significant role in revenue growth, aligning with the increase in visitor numbers.
Galt&Taggart projects tourism revenues to reach US$ 4.4bn for 2024, up from US$ 4.1bn in 2023. The strong growth in tourist numbers from Asian countries, along with an increase in direct flights, suggests sustained growth in tourism revenues for the full 2024.
