Tourism revenues increase by 7% in Georgia
Baku, Azerbaijan, August 2
By Tamilla Mammadova – Trend:
The revenues from tourism in Georgia increased by 7 percent in the first half of 2019, Trend reports with reference to National Bank of Georgia.
The current account deficit ratio in Georgia in 2018 was 7.7 percent of GDP, which is the best result of recent years, the bank said. The improvement continued in 2019, and, according to preliminary data, the expected deficit in the first half of the year was about 3.5 percent.
The export of registered goods in the first half of 2019 increased by 11 percent, and remittances rose by 8 percent. In the meantime, imports fell by 5 percent over the same period. "However, by the end of the second quarter, risks were identified in the external sector [of economy]; in particular, the expected income from tourism decreased,” the statement said.
As reported, the potential loss of tourism revenue in the second half of 2019 is about $300 million. It is expected that the current account deficit in 2019 will improve compared to 2018. Inflation will remain above the target level in 2019, will begin to decline from March 2020, and will remain close to the target level in the medium term.
The main task of the National Bank is to ensure price stability, which implies low inflation.