Visitors
International visitors grew by 6.8% y/y to 2.5mn in 3Q25, with tourists rising by 9.0% y/y to 2.0mn, while same-day visitors declined by 1.4% y/y to 0.5mn. The visitor growth was driven by strong inflows from Russia (+13.9% y/y), Azerbaijan (+33.2% y/y), the EU (+16.7% y/y), and Asian markets including Israel (+18.2% y/y), and China (+47.4% y/y). In contrast, arrivals declined from Turkey (-1.4% y/y), Armenia (-4.4% y/y), India (-5.6% y/y) for the first time in a while and Iran (-33.7% y/y). Stronger EU arrivals primarily reflect improved air connectivity and the addition of new direct flights, while the decline in arrivals from India may indicate a shift in the market from volume-driven to higher-spending segments.
Overall, in 9M25 international visitors grew by 5.6% y/y to 5.3mn, with tourists up by 7.9% y/y to 4.3mn and same-day visitors down by 2.9% y/y to 1.0mn.
Revenues
Tourism revenues amounted to US$1.7bn in 3Q25, marking a 6.6% y/y increase. Israel was the largest contributor (+28.0% y/y), followed by the EU (+13.3% y/y), Azerbaijan (+36.3% y/y) and Asian markets – broadly in line with visitor trends. Despite solid visitor growth from Russia, revenues from this market declined 2.7% y/y in 3Q25, while receipts from Iran also reduced slightly (-1.2% y/y) due to lower arrivals.
Overall, in 9M25 tourism revenues were up by 5.1% y/y to US$3.6bn, prompting an upward revision of the 2025 forecast to US$ 4.6bn. For 2026, we anticipate tourism revenues to reach US$ 4.9bn.
