Weekly Market Watch

International visitors at 1.5mn in 2Q24

In 2Q24, international visitors to Georgia increased by 4.6% y/y to 1.5mn persons. This growth was driven by a 9.2% y/y increase in tourist arrivals, which accounted for 77.4% of total arrivals. Meanwhile, same-day arrivals declined by 8.8% y/y in the same period. Accordingly, we estimate tourism revenues at US$ 1.1bn (+9.8% y/y) in 2Q24. 

Türkiye was the top source country by international arrivals (24.1% of total) in 2Q24, followed by Russia (20.4% of total) and Armenia (12.8% of total). Notably, most visitors traveled to Georgia via land (61.8% of total), followed by air (37.6% of total). 

Overall, 2.7mn international visitors traveled to Georgia in 1H24, with tourist arrivals comprising 2.1mn individuals (99.8% of 1H19 level).  Additionally, there were 0.6mn same-day arrivals, recovering at 51.2% of 1H19 level.  Based on our estimate, tourism revenues reached US$ 1.9bn (+6.2% y/y) in 1H24. 

We forecast tourism revenues at US$ 4.3bn for 2024.