Tourism Revenue in Georgia Surpasses 14-Year Highs

The National Bank of Georgia has published statistics on tourism industry revenues for 2024. Total revenue exceeded $4.4 billion, a 7.3% increase compared to 2023 ($4.1 billion) and the highest in 14 years. Further growth and development in this crucial sector of Georgia’s economy are expected in 2025.

In 2010, tourism generated only $659 million, increasing to over $1.7 billion in 2013, $2.1 billion in 2016, and $3.2 billion in 2019. Revenues dropped sharply during the pandemic but surpassed pre-COVID levels by 2022, reaching $3.5 billion. Over the past four years, the sector has seen rapid growth, achieving new milestones across all subsectors.

In Q4 2024 alone, Georgia earned nearly $964 million from tourism, 10% higher than the same period in 2023. Russia remained the top source of revenue throughout 2024, contributing over $850 million: $171 million in Q1, $209 million in Q2, $294 million in Q3, and $175.3 million in Q4.

Turkey ranked second, with annual revenues ranging from $117 million in Q1 to $191 million during the peak summer season, totaling $612 million by year-end. Israel showed the most remarkable growth, with a 41.6% increase year-over-year. Revenue from Israeli visitors grew from $66 million in Q1 to $147 million in Q3, with a slight decline to $114 million in Q4, for an annual total of $435.5 million. This is a significant leap from previous years, where revenue ranged between $28 million and $89 million in 2019, and $35 million to $110 million in 2023.

Other key contributors to Georgia's tourism revenue in 2024 included Azerbaijan ($168.5 million, +18%), Armenia ($157.4 million, -2.4%), Iran ($151 million, +17%), Ukraine ($149 million, -19%), Saudi Arabia ($122.1 million, +21%), and Belarus ($96.3 million, -6%). EU countries, including the UK, collectively contributed $571.1 million, a 4% increase.

According to the National Tourism Administration, over 7.3 million international visitor trips were recorded in 2024, a 4.2% rise compared to 2023. Russians accounted for the largest share, with over 1.4 million visits, followed by Turks (1.3 million) and Armenians (948,299). Israel ranked fourth with 310,982 visits, a 43.3% increase from 217,065 in 2023. Azerbaijan rounded out the top five with 219,356 visitors (+9.8%).

China recorded the most significant growth among the top 15 countries, with an 83.4% increase (from 48,304 to 88,583 visitors). India saw a 46.8% rise (to 124,335 visitors), Uzbekistan grew by 23.4% (to 64,259), and Saudi Arabia by 21% (to 88,298). Germany also made the top 15, with a 14.3% increase, totaling 78,644 visitors.

Air travel to Georgia surged by 29%, driven by expanded flight connections. The Georgian Airports Association reported a record-breaking 7.4 million passengers in 2024, a 24% increase from 2023. The number of flights rose 25% to 31,937.

Mariam Kvrivishvili, Georgia’s Deputy Minister of Economy, emphasized that 2024 was a milestone year for the tourism industry, particularly due to diversification efforts. High-spending tourists from Israel, the U.S., France, the UAE, and Saudi Arabia contributed significantly to record-breaking results. Optimism for 2025 is based on successful negotiations with major airlines, including plans for new routes to the UK, Milan, Zurich, and Geneva with British Airways, easyJet, and Edelweiss.

Kvrivishvili added that the expansion of direct flights would further attract tourists from high-spending markets, bolstering the tourism industry and benefiting businesses directly or indirectly linked to the hospitality sector.