Visitors
International visitors grew by 7.0% y/y to 1.6mn in 2Q25, with tourists rising by 10.7% y/y to 1.3mn, while same-day visitors declined by 5.4% y/y to 0.3mn. The visitor growth was supported by strong arrivals from Russia (+16.0% y/y), Azerbaijan (+46.7% y/y), the EU (+20.5% y/y), Armenia (+7.2% y/y) and Asian markets including India (+33.5% y/y), Israel (+13.8% y/y), and China (+43.3% y/y). Meanwhile, arrivals declined from Turkey (-16.5% y/y), Kazakhstan (-3.1% y/y) and Iran (-8.2% y/y) weighing on total growth. Stronger EU arrivals reflected improved air connectivity, while growth from Israel slowed due to the late June conflict with Iran, which also disrupted arrivals from Iran in 2Q25.
Overall, in 1H25 international visitors grew by 4.6% y/y to 2.8mn, with tourists up by 6.9% y/y to 2.3mn and same-day visitors down by 4.2% y/y to 0.5mn.
Revenues
Tourism revenues amounted to US$1.1bn in 2Q25, marking a 5.0% y/y increase. The EU was the largest contributor (+26.0% y/y) and top source of tourism revenue, driven by strong tourist arrivals in 2Q25. In contrast, revenues from other key markets declined, including Russia (-20.5% y/y) and Turkey (-10.7% y/y) in 2Q25. The decline in tourism revenue from Russia is likely due to a shift in visitor composition from longer-term digital nomads and migrants to a higher share of short-term tourists with lower average spending in 2Q25.
Overall, in 1H25 tourism revenues were up by 3.8% y/y to US$2.0bn, driven by the EU, Israel, Azerbaijan and other markets, led by India and China.
We expect tourism revenues to reach US$ 4.5bn in 2025; however, if the recent 2Q trend continues, revenues are likely to reach US$ 4.6bn.
