Page 33 - Caucasus Outlook 2024

In the first 11 months of 2023, Armenia received about 2.2 million foreign tourists, a 42% increase compared to the same period in 2022, the Armenian Tourism Committee reported.
The Committee reported that November saw a record number of visitors, with 150,000 tourists arriving in the country. This is the highest number for this month in recent years, surpassing the 145,000 visitors in November 2022 and 140,000 in November 2019. This is the highest number for this month in recent years, surpassing the 145,000 visitors in November 2022 and 140,000 in November 2019.
Half of the tourists visiting Armenia were from Russia, which accounted for 1.1 million visitors. Georgia and Iran were the next most common countries of origin, accounting for 11% (231,000) and 6% (139,000) of visitors, respectively.
3.3 Real economy - Azerbaijan
3.3.1 Retail
In January-November 2023, Azerbaijan's retail trade network achieved sales worth AZN51.3bn ($30.18bn), encompassing AZN28.7bn ($16.88bn) in food, beverage, and tobacco products, and AZN22.6bn ($13.29bn) in non-food items, as reported by the State Statistical Committee.
The retail trade experienced a 3.6% increase compared to the same period in 2022, with food, beverage, and tobacco products rising by 2.4%, and non-food products witnessing a 5.1% surge.
During this period, the expenditure breakdown for final consumption goods was as follows: 51.7% on food, 4.2% on drinks and tobacco, 14.7% on textiles, clothing, and footwear, 5.5% on motor gasoline and diesel fuel, 4.9% on electrical goods and furniture, 2.2% on pharmaceuticals and medical supplies, 1.1% on computers, telecommunications equipment, and printed products, and 15.7% on other non-food products.
Retail sales by non-state sector economic entities saw a real-term increase of 3.7% year-on-year, accounting for 99.7% of the total retail trade turnover.
Compared to January-November 2022, real-term retail trade turnover increased by 3% for enterprises, 3.7% for individual entrepreneurs, and 4.1% for markets and fairs.
On a monthly average, an Azerbaijani resident spent AZN459.2 ($270.12) on goods, which included AZN256.8 ($151.06) on food, drinks, and tobacco products, and AZN202.4 ($119.06) on non-food products.
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