Tourism in Georgia in January 2026: Revenues Up 13.4%
Winter inflow of foreign visitors generated $325 million in revenue
Tourism revenues in Georgia increased by 13.4% in January 2026 compared to the same period of 2024, reaching $325 million, according to experts at investment company Galt & Taggart. The growth was recorded during the winter period, traditionally considered less active than the summer season. The strong start to the year lays the groundwork for further expansion of service exports and reinforces the sector’s importance for the country’s macroeconomic performance.
Georgia’s Economy in 2026: GDP Growth and Inflation
Real GDP in Georgia grew by 7.5% in 2025. Inflation accelerated to 4.8% in January 2026 from 4.0% a month earlier. The increase was driven by higher inflation of domestically produced goods and services, which reached 7.0%, and mixed goods inflation at 5.5%. Imported goods showed mild deflation at -0.1%, while core inflation stood at 2.1%.
Gross international reserves reached $6.3 billion in January 2026, up 42.0% year-on-year and 2.3% compared to December. The increase was linked to the revaluation of monetary gold and foreign exchange operations by the government and the banking sector.
The nominal effective exchange rate rose by 0.2% year-on-year, while the real effective exchange rate declined by 3.5%. The National Bank’s key policy rate remains at 8.0%.
Georgia’s Government Bonds and Domestic Market Yields
In early February 2026, the Ministry of Finance placed 3.1-year bonds worth GEL 40.0 million. Demand exceeded supply fourfold, and the yield stood at 8.725%, down 0.22 percentage points.
Six-month securities worth GEL 20.0 million were placed with demand 2.3 times higher than supply, at a yield of 7.928%. In 2025, total placements of T-bills and T-notes amounted to GEL 380 million, while the total outstanding volume reached GEL 11.3 billion. Short-term yields are around 7.9%, while 10-year instruments yield approximately 9.7%.
Tourism’s Contribution to Georgia’s Economy: Revenues and Sector Dynamics
Tourism revenues in January 2026 increased by 13.4% year-on-year to $325 million. Double-digit growth during the winter season points to resilient off-season demand. In 2025, international tourism revenues exceeded $4.69 billion, up 6% compared to 2024. The figure marked a new historical high and reinforced the sector’s role as a key source of foreign currency inflows.
The third quarter contributed the most, with $1.66 billion. The second quarter generated about $1.1 billion, the fourth quarter $1.05 billion, and January–March $826 million. The data confirm a gradual decline in seasonality.
Russia remained the largest source market in terms of revenues ($694 million), followed by Turkey ($605.9 million) and Israel ($586.3 million). Total visits exceeded 7.8 million, up 5.9% year-on-year.
Outlook for Tourism and Investment in Georgia
The tourism sector has firmly established itself as one of the main sources of foreign currency inflows for Georgia’s economy. Rising revenues and increasing visitor numbers indicate a transition toward a more sustainable growth model with reduced seasonality. According to Galt & Taggart, tourism revenues could reach approximately $4.9–5.0 billion in 2026, further strengthening the sector’s macroeconomic significance.
Analysts at International Investment note that the structural expansion of tourism is also shaping investment preferences. Private investors in Georgia increasingly focus on real estate, particularly hospitality projects directly linked to tourist flows and foreign currency earnings.
A practical example of this model is the branded Wyndham Grand Batumi Gonio hotel complex in the resort area of Gonio. The project targets the upscale segment and offers a revenue model with a stated guaranteed return of around 10% and potential returns of up to 19% and higher. Reduced seasonality and growing year-round demand enhance the resilience of such assets compared to fixed-income instruments, making them attractive for medium- and long-term investment strategies.