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G&T Team
ResearchResearch Reports Georgia’s Tourism Market Watch – August 2022

Georgia’s Tourism Market Watch – August 2022

Highlights, August 2022 

Tourism recovery strengthened further in Aug-22, with revenues hitting another record high monthly figure, surpassing 2019 level by 26.7%.

Total international visitors stood at 742,247 persons – up 178.5% y/y and recovering at 68.3% of 2019 level. This growth was mainly driven by the increase in tourist arrivals up 135.8% y/y and accounting for 77.4% of 2019 level. Recovery in same-day trips also accelerated, up 724.2% y/y, recovering at 47.8% of 2019 level. Top country by arrivals was Russia (28.7% of total), followed by Armenia (18.7%) and Turkey (14.0%). Notably, number of visitors from Russia, Saudi Arabia, Belarus, Kazakhstan and Uzbekistan surpassed 2019 levels.

Tourism revenues stood at record high US$ 522.9mn in Aug-22, up 1.6x y/y and surpassing 2019 level by 26.7%. It should be noted that this figure also captures migrants-related spending (from Russia, Belarus and Ukraine) arriving in Georgia since Russia-Ukraine war started. We estimate that about 100-120k visitors from these countries relocated to Georgia for longer term than regular tourists. Russia accounted for 25.5% of tourism revenues in Aug-22, followed by Saudi Arabia (10.4% of total), Turkey (9.0%), Israel (6.7%), while revenues from EU was 9.8% of total. Considering strong revenues of recent months, we expect full recovery of tourism in 2022 compared to pre-pandemic levels.