Georgia's Tourism Revenue Nears $3.7bn in Nine Months

Georgia earned close to $3.7 billion from international travellers in January to September 2026, 2.5% more than a year earlier, according to estimates by the investment bank Galt & Taggart reported by BMG on 12 October 2026. Revenue in September alone reached $525 million, up 7.7% on September 2025.

The numbers point to a recovery over the summer after a flat first half. Galt & Taggart put first-half receipts at $2 billion, 0.2% below 2025, in a weekly review reported by GBC on 14 July, so a 2.5% gain over nine months means July to September grew faster than the year-to-date rate. June revenue had already risen 6.3% to $485 million. The bank kept its forecast for 2026 at $4.9 billion, the figure it gave in January and repeated in July.

How 2026 compares with 2025

On Galt & Taggart's estimates, revenue in January to September 2025 was $3.6 billion, up 2.8%, and the full year reached $4.6 billion, up 4.9%, according to reports at the time by International Investment and Georgia Today. Growth this year is therefore slightly slower but still positive. The National Bank of Georgia's official quarterly series put travel revenue for January to September 2025 at $3,637.8 million, up 5.1%. To reach $4.9 billion, Georgia would need about $1.2 billion in October to December, against roughly $1 billion in the same months of 2025, a CBJ calculation based on Galt & Taggart's rounded figures.

Why CBJ's second-quarter report showed a 13.3% fall

The nine-month gain sits alongside CBJ's report on 11 October that tourism revenue fell 13.3% in the second quarter. The two are not contradictory: they cover different periods and use different measures. The 13.3% drop comes from Geostat's inbound tourism statistics, published on 30 July, which put spending during visits in April to June at GEL 3.0 billion, measured in lari, with average spending per visit down 9.2% to GEL 1,922.1. Galt & Taggart's monthly estimates and the National Bank's quarterly travel revenue figures are expressed in US dollars, so exchange-rate movements can also open a gap between the series. On the National Bank's measure, second-quarter revenue was $1,101.8 million, a smaller decline of 3.8%, and first-half revenue reached $1,931.7 million. CBJ reported in July a 2% first-half fall to $1.9 billion on National Tourism Administration figures.

In short, the second quarter was the weak spot of a year that strengthened from June; the nine-month figure includes summer months that Geostat's quarterly statistics do not yet cover.

Who is spending

The National Bank's second-quarter breakdown shows a shift in Georgia's visitor mix. Revenue from the European Union rose 12.1% to $194.9 million, or 17.7% of the total, putting the EU ahead of Russia at $182.8 million and Türkiye at $134.9 million. Revenue from Israel fell 3.0% to $123.8 million and revenue from Iran fell 65.1% to $10.2 million, declines 1TV reported against the backdrop of the war in the Middle East. Azerbaijan, Ukraine and Armenia all posted gains, of 10.3%, 49.8% and 5.6% respectively.

What to watch

• The National Bank's third-quarter travel revenue release; the equivalent 2025 figures were published on 21 October 2025.
• Geostat's third-quarter inbound tourism statistics, which will show whether the 9.2% fall in spending per visit seen in the second quarter persisted.
• Whether October to December receipts are strong enough to reach Galt & Taggart's $4.9 billion forecast.
• Exposure to the Middle East, where revenue from Israel and Iran has weakened, set against continued growth from European visitors.

Sources: BMG, citing Galt & Taggart, 12 October 2026; GBC, citing Galt & Taggart, 14 July 2026; Georgia Today, 12 January 2026; International Investment, 15 October 2025; Geostat, 30 July 2026; 1TV, citing the National Bank of Georgia, 20 July 2026; 1TV, citing the National Bank of Georgia, 21 October 2025.