Tourism earnings reached an all-time hig h of US$ 1.6 billion in the third quarter of 2024, reflecting an 8.0% year-on-year increase compared to last year’s elevated figures, according to a report by Galt&Taggart. The leading contributors to tourism revenue were Russia, followed by the European Union, Turkey, Israel, and Saudi Arabia. Among these top sources, revenue growth was notably driven by Russia (+3.3% year-on-year), Israel (+33.8% year-on-year), and Saudi Arabia (+13.1% year-on-year). However, revenues from the EU (-0.9% year-on-year) and Turkey (-13.3% year-on-year) saw a decline. Additionally, other emerging markets made a substantial impact on the overall revenue increase, aligning with the rise in visitor numbers.
Galt&Taggart forecasts that tourism revenues will reach US$ 4.4 billion in 2024, up from US$ 4.1 billion in 2023. The robust increase in tourist arrivals from Asian nations, along with more direct flight options, indicates a continued upward trend in tourism revenues throughout 2024.
