Russia accounted for 19.3% of tourism revenues in April -  Galt&Taggart

Russia accounted for 19.3% of tourism revenues in April - Galt&Taggart

access_time2022-05-18 16:00:53

Tourism revenues stood at US$ 188.6mn in Apr-22 - up 3.8x y/y and accounting for 70.6% of 2019 level (down from 71.3% in previous month).


Markedly, this tourism revenue figure captures also migrants impact (from Russia, Belarus, Ukraine), arriving in Georgia after Russia-Ukraine war started.


We estimate, that around 80,000-120,000 visitors relocated in Georgia for longer term than regular tourists (from Russia, Belarus and Ukraine). Migrant inflow is best reflected on real estate market - rent prices in Tbilisi skyrocketed up by 71.6% y/y in Apr-22 and up by 21.7% vs 2019 level.



Notably, due to migrant flow these 2 statistics – visitors and revenues - are not reflecting the same trends now.


Russia accounted for 19.3% of Apr-22 tourism revenues, followed by Belarus (14.9% of total), Israel (11.1%), EU (11.0%)  and Ukraine (10.3%). In 2022, we expect tourism revenues to recover to 75% of 2019 level in a baseline scenario, but we also do not rule out faster recovery (85%) considering migrants’ impact.

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