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TBC Capital makes prediction for Georgia's tourism sector

Tourism Materials 27 September 2021 17:44 (UTC +04:00)
TBC Capital makes prediction for Georgia's tourism sector

BAKU, Azerbaijan, Sept. 27

By Tamilla Mammadova – Trend:

Georgian tourism sector will face COVID-19 pandemic-related challenges, Trend reports via the TBC Capital report.

According to the forecast for 2021, revenues from the tourism sector will reach 37.5 percent of the 2019 levels by the end of the year, the occupancy of hotels will be 55 percent compared to the pre-pandemic level.

From January through August 2021, Georgia earned only $704 million in tourism revenue, against $2.2 billion in the same period of 2019.

The tourist flow from neighboring countries declined compared with 2019; in 2021 most tourists accounted for Ukraine, Israel, the EU and the Middle East countries.

The occupancy rate of hotels and high prices in the sector were maintained due to a significant increase in domestic tourism. In particular, the share of domestic tourism increased from 18 percent in 2019 to 29 percent in 2021.

TBC Capital predicts that Georgia’s tourism sector will return to the 2019 level no earlier than 2023, in terms of the hotel occupancy.

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