Tourism revenues estimated at US$ 274mn in Nov-23
Tourism revenues stood at US$ 274.0mn (+20.9% y/y, excluding migration effect) in Nov-23, according to our estimates. Overall, tourism revenues came in at US$ 3.9bn (+22.4% y/y) in 10M23. We forecast tourism revenues at US$ 4.2bn (+19.0% y/y) for the full year 2023 and at US$ 4.5bn (+7.0% y/y) for 2024.
International reserves at US$ 5.1bn in Nov-23
Gross international reserves increased by 10.5% y/y to US$ 5.1bn in Nov-23, according to NBG. On a monthly basis, the reserves increased slightly by 0.1% (+US$ 2.9mn). Changes in reserves were attributed mainly to the government and banking sector FX operations.
FDI in Georgia at US$ 316.0mn in 3Q23
FDI in Georgia stood at US$ 316.0mn, decreasing by 61.5% y/y, according to Geostat’s preliminary figures. Notably, the equity component surged by 151.2% y/y to US$ 590.3mn and decline reflected a reduction in debt instruments (-US$603.4mn) in 3Q23.
The financial sector was the largest FDI recipient at US$ 80.2mn (25.4% of total), followed by transportation & storage at US$ 61.9mn (19.6% of total) and ICT at US$ 41.0mn (13.0% of total).
The USA topped the list of investors with US$ 51.8mn (16.4% of total), followed by the UK (14.5% of total) and the Netherlands (14.3% of total).
Overall, in 9M23, FDI in Georgia came in at US$ 1.4bn, which is equivalent of 6.3% of GDP.
