Business Political Insights BPI.GE
TBILISI(BPI)- According to the National Bank of Georgia, revenues generated from tourism in August 2019 fell by 10% (46.8 million) compared to August 2018 and amounted to $ 396 million due to a travel embargo, which reduced the number of Russian tourists.
At the same time, the number of tourists increased by 5.8% in comparison with the same period of 2018.
The National Bank says that the reason for a decline in revenue in the tourism industry amid a growing number of tourists is that tourists traveling by plane are more wealthy than those traveling by car. In July-August the country was visited mostly by Russian tourists arrived by car who traditionally spend less.
Apart from that, due to the Russian embargo, many places of accommodation were forced to attract customers with low prices that caused a decline in tourist revenues.
The decline was also recorded in July – tourist revenue fell by 57 million in July and amounted to $ 374, 7 million.
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