Special Report: Economics
December 16, 2019
MONTHLY TOURISM UPDATE (OCTOBER 2019)
- After GDP recalculation based on 2008 system done by the National Statistic Office of Georgia, Share of non-observed economy in the total economy has increased from 8.3% to 13%, while share of non-observed part in Hotels and Restaurants sector has increased from 9.2% to 54.3%;
- According to revised GDP, since 2010 hotels and restaurants sector has increased by 369%, outperforming other sectors twofold;
- Largest share of tourist expenditures (31.5%) is spent on foods and drinks, while only 24.6% is spent on accommodation;
- In October 2019, compared to September 2019, average prices for hotels have decreased by 5.9%;
- In October 2019, compared to the same period of 2018, average prices for hotels have decreased by 5.2%;
- In the third quarter of 2019, compared to the same period of 2018, total tourist expenditure has increased by 4.1%;
- In spite the ban on the Russian flights in July of this year, in August 30% more Russians visited Georgia compared to the previous month. Compared to August, in October 43.1% less Russians have visited Georgia.
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Policy and Management Consulting Group (PMCG) is development consulting company, specializing in policy advising, capacity building, social infrastructure development, and corporate management. PMCG is primarily working in the regions of Eastern Europe, the Caucasus, Central Asia, the Middle East and Africa, with bilateral and multilateral development institutions, such as: USAID, European Commission, World Bank, UNDP, ADB, JICA and others.