Tourism Revenues in Georgia Hit New Records: Country’s Economy on the Rise

Tourism continues to play a key role in Georgia’s economy, demonstrating steady revenue growth and attracting more foreign visitors. A report by investment company Galt & Taggart notes that in May 2025, tourism revenues rose by 4.7% compared to the same period in 2024, reaching $370 million.

During the first five months of the year, the country earned $1.5 billion from tourism, marking an annual increase of 1.2%. This upward trend was also highlighted earlier by the National Bank of Georgia. In its review of the first quarter of 2025, analysts from the bank estimated tourism revenues at $826 million, up 2.3% compared to January-March 2024. This amount became a record for the first quarter in the country’s history.

Among the key countries contributing to Georgia’s tourism income, Russia traditionally led, with its citizens spending $141.8 million in Georgia. However, the major surprise of early 2025 was Israel: revenues from visitors from this country soared by an impressive 73.7%, reaching $114.2 million. This allowed Israel to climb to second place in terms of contributions for the first time, overtaking Turkey, which fell to third place with $107 million.

Other leaders in the first quarter included Azerbaijan with $48.6 million (+20%). Revenues from Ukrainian travelers grew by 2% to $33.7 million. Results from Armenia slightly decreased to $28.2 million. Saudi Arabia’s figures increased by 12.3% to $8.7 million. Despite a slight decline in revenue from European Union tourists, their interest in traveling to Georgia remains stable, with total revenues amounting to $103.2 million.



It’s worth noting that record highs were also recorded at the end of 2024. The industry’s revenues reached $4.4 billion, which is 7.3% higher than in 2023. This marked the highest figure in the past 14 years, confirming the dynamic recovery of the tourism industry after the pandemic.

The fourth quarter of 2024 was particularly impressive: tourism revenues reached nearly $964 million, up 10% from the same period in 2023. Russia remained the main source of revenue throughout the year, exceeding $850 million. Turkey secured second place with $612 million, while Israel solidified its third position with annual growth of 41.6%, reaching $435.5 million.

Other standout countries in 2024 included Azerbaijan ($168.5 million, +18%), Armenia ($157.4 million, -2.4%), Iran ($151 million, +17%), Ukraine ($149 million, -19%), and Saudi Arabia ($122.1 million, +21%). Revenues from tourists from EU countries and the UK increased by 4%, reaching $571.1 million.



Amid these achievements, analysts at Galt & Taggart presented a positive outlook: they estimate that tourism revenues in 2025 could exceed $4.5 billion. This result would not only surpass the record set in 2024 but also strengthen Georgia’s position as one of the region’s fastest-growing tourist destinations.

Experts note that a favorable macroeconomic environment in the country creates additional opportunities for tourism development. According to the National Statistics Office, in May 2025, Georgia’s GDP increased by 7.5%, while real growth for the first five months reached 8.8%. The main drivers were the information and communication sector, manufacturing, trade, transportation and storage, and construction.



Considering the upward revision of GDP figures for the first quarter, Galt & Taggart analysts have improved their forecast for Georgia’s economic growth for the entire 2025 year from 6.8% to 7.5%. The combination of positive tourism dynamics and overall economic stability forms a solid foundation for the country’s continued development and the strengthening of its position in the global market.