Page 59 - GEORptOct22

Revenues from tourism running at record high in Georgia
Georgia residents travelled abroad almost five times more y/y in 2Q2022
pandemic, the revenue from travel in January-July exceeded $1.6bn, constituting 87.4% of the figures for 2019.
In Georgia, revenues from international visitors are running at a record high in 2022. According to the National Bank of Georgia, the country received $476mn in income from international visitors in July, which is almost $270mn more y/y. Overall the country received more than $1.6bn of revenue from international visitors in the first seven months of 2022. In July only, 790,000 people visited Georgia, from those 460,000 were tourists.
Russia is the leader in tourism revenues with $116mn, followed by Saudi Arabia with $44.2mn, Turkey with $43.8mn, EU countries with $43.6mn, and Belarus is in fifth place with $33.5mn.
In the second quarter of 2022, the number of Georgian residents' trips abroad equalled 515,000, which is 4.6 times higher than the same time the year before. 47.3% were made by travellers of the 31-50 age group, according to the preliminary data published by the National Statistics Office of Georgia (Geostat).
The number of outbound visits by Georgian visitors made up 406,000, which is 3.9 times higher y/y. Outbound visitors have made 221,000 tourist-type visits, which is higher by 134% y/y.
Half of the outbound visits, 50%, were made by the visitors of the age group of 31-50 years. The number of women's visits equalled 46.5% of the total number of visits. Most outbound visits were made to Turkey and Russia, 235,000 and 45,000, respectively.
In 2Q2022, the average number of nights spent during the visits was six. About 95% of outbound visits were repeat visits.
9.1.6 Infrastructure and construction sector news
Georgia to develop a Dubai-style palm island
The Prime Minister of Georgia Irakli Garibashvili has laid the foundation stone and presented the construction permit for the development of the US$100mn Ambassador Batumi Island in the Black Sea resort of Batumi, on the country's Black Sea coast.
The palm-shaped island is reminiscent of Dubai's Palm Islands resort. There will be two artificial peninsulas and one island of the ultra-modern entertainment resort, which will include entertainment, health, sports, educational, and commercial facilities, as well as residential tourist
59 GEORGIA Country Report October 2022 www.intellinews.com