Russians spent 526% more in Georgia in October than a year ago
Russians spending in Georgia
According to preliminary data from the National Bank, in October alone Russian visitors spent $114.5 million in Georgia, 526% more than in October of last year.
In total, Georgia received more than $337 million from foreign visitors in October.
In October, visitor spending revenues by country broke down thus:
- Russia – $114.5 million;
- EU countries and the UK – $33.7 million;
- Turkey – $33.6 million;
- Ukraine – $29.3 million;
- Israel – $27.7 million;
- Armenia – $13.5 million;
- Belarus – $12.3 million;
- Azerbaijan – $9.4 million;
- Iran – $6.7 million;
- Saudi Arabia – $5.2 million
According to a National Bank report on monetary policy published in October, only 80,000 Russian citizens who entered Georgia because of Russia’s war in Ukraine intending to become migrants.
As for citizens of Belarus, from the beginning of the war until August, 13,000 more people entered from Belarus than expected.
According to this assessment, the National Bank is trying to separate migrants from tourists, since the expenses of Russian citizens who came to Georgia because of the war in Ukraine are reflected in tourism statistics.
According to the SEB, the war unleashed by Russia in Ukraine has led to an increase in the number of visitors from Russia and Belarus to Georgia. The increase in visitors increased the demand for accommodation and services, which was reflected in the growth of aggregate demand as a whole.
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In the third quarter of 2022, i.e. in the period from July to September, the largest number of visitors entered Georgia. 443,600 people arrived from the Russian Federation. This is 27.7% of the total number of all who came to Georgia. Armenia ranks second at 15.3% and Turkey third 13.7 percent%.
In the pre-pandemic period for the same months of 2019, the largest number of visitors was also from Russia – 378,00, 24.9% of the total number.
According to the Institute for the Development of Freedom of Information (IDFI), in the first seven months of 2022 a total of 1,598 people received Georgian citizenship, of whom 723 are Russian citizens. After the Russian invasion of Ukraine in 2022, 551 Russian citizens and eight Ukrainian citizens received Georgian citizenship as an exception.
According to the same IDFI data, from the day of Russia’s invasion of Ukraine to August 31, 2022, 45,349 Russian citizens opened new accounts in Georgian commercial banks. As explained in the organization, the opening of so many accounts suggests that this was a migration of Russian citizens, not just tourism.
Russians spending in Georgia
