# Input pack — Georgia Tourism Overview, Q3 2026, gathered 6 November 2026

Gathered for the one-off GeoResearch tourism release (7 Nov 2026). The reference
is TBC Capital's quarterly *Tourism Sector Overview*. Every figure below was
fetched in this run (6 Nov 2026, 10:31–10:45 Tbilisi); nothing is carried over
from an earlier pack. "Derived" marks a number we computed from fetched figures;
everything else is printed by the source.

## 0. Read this first: the reference report for this period is already out

TBC Capital's publication list (`POST https://tbccapital.ge/source/api/view/main/getDataList`,
`{"contentType":"reports",...,"perPage":50}`, read 6 Nov) shows:

| Date | Title | File |
|---|---|---|
| 2026-10-26 | **Tourism Sector Overview – 9M 2026** | `static/file/202610270010-1.-tourism-update-oct-2026-eng-09m.pdf` (9 pages) |
| 2026-10-23 | Tourism Pulse – September 2026 (monthly) | `static/file/202610234750-tourism-pulse_09.2026_eng.pdf` |
| 2026-09-25 | Tourism Pulse – August 2026 | … |
| 2026-08-11 | Tourism Sector Overview – 6M 2026 | … |
| 2026-05-27 | Tourism Sector Overview – Q1 2026 | `static/file/202605272342-tourism-update-may-2026-eng.pdf` |
| 2025-10-31 | Tourism Sector Overview – 9M 2025 | … |

So the issue covering Q3 2026 came out on **26 October 2026**, twelve days before
this release. The plan's note ("expect late November") was based on the 1Q26
date; the 9M issue follows GNTA's quarterly data by about a week. TBC also
publishes a **monthly** Tourism Pulse. A release on 7 Nov therefore cannot land
"before the official report". The 9M 2026 and September Pulse PDFs were
downloaded (for the later comparison) but **deliberately not read** in this
run, so nothing below is taken from them. Only the 1Q26 issue was read, for its
structure.

## 1. The reference report's structure (TBC Capital, Tourism Sector Overview 1Q26, 27 May 2026)

Image-only PDF, 8 pages (cover, summary, 4 content pages, legal notice, back cover).

| Block | Headline metrics in 1Q26 | Source TBC cites | Public? |
|---|---|---|---|
| Summary page | International visitor trips 1,170,362 (−0.2%); tourist trips 997,529 (+4.0%); same-day 172,833 (−19.0%); tourism revenue USD 830 mn (+0.5%); branded-hotel occupancy 51%; ADR USD 129 | mixed | partly |
| International visitor trips (p. 3–4) | Trips by type 2020–2025 + quarter; top 5 source countries + other, y/y; EU & UK total, share, by country (12 + others); selected markets (Ukraine, Kazakhstan, China, India, Iran, Uzbekistan, Kyrgyzstan, Korea) | GNTA | **yes** (§2) |
| Income from foreign travel (p. 5) | Quarterly revenue 2022–2026, USD mn; revenue by country (EU & UK, Russia, Türkiye, Israel, Azerbaijan, Armenia, Saudi Arabia, Ukraine, Iran, Belarus, other), y/y | NBG | totals **yes**; by-country **partly** (§3) |
| Occupancy and ADR in large branded hotels (p. 6) | Monthly occupancy and ADR (USD, excl. VAT), 2024–2026 | "TBC Capital" (own data) | **not reconstructable** as TBC prints it (§5) |

The 1Q26 issue has **no** hotel-room counts, no airport/air-passenger block,
no length-of-stay or spending-per-visitor block and no outlook section. Those
blocks below are extras offered by the public sources, not part of TBC's shape.

## 2. Visitor trips — GNTA (Ministry of Internal Affairs border data)

Source: GNTA, `https://gnta.ge/en/research` → "International Travel 2026
III-Quarter", file `https://api.gnta.ge/storage/files/doc/international-travel-2026-iii-q.xlsx`
(HTTP Last-Modified **20 Oct 2026**); 9-month file
`.../international-travel-2026-i-iiiq.xlsx` (20 Oct 2026); comparison file
`.../international-travel-2025-iii-quarter.xlsx` (11 Nov 2025). Underlying
source printed in every sheet: Information Centre, Information and Analytical
Department, Ministry of Internal Affairs of Georgia. Narrative and the same
figures: GNTA "Statistical Data Overview 2026 III Quarter",
`https://api.gnta.ge/storage/files/doc/statistical-data-owerview-2026-iii-q-copy.pdf`
(page says "Updated 30.10.2026"; HTTP Last-Modified 2 Nov 2026).

The Q3 2025 figures in the 2026 file are identical to the original 2025 file
(checked: traveller, visitor, tourist, same-day and top-5 country rows) — no
revisions.

### 2.1 Trips by type, Q3 (July–September)

| Trips | Q3 2025 | Q3 2026 | y/y |
|---|---|---|---|
| International traveller trips | 2,956,014 | **3,061,905** | +3.6% |
| International visitor trips | 2,516,421 | **2,598,257** | +3.3% |
| Tourist (overnight) trips | 2,036,731 | **2,131,908** | +4.7% |
| Same-day trips | 479,690 | **466,349** | −2.8% |
| Other (non-tourism) | 439,593 | 463,648 | +5.5% |

Tourist share of visitor trips: 82.1% (GNTA). GNTA calls 2,131,908 a record
for a third quarter.

### 2.2 Nine months (January–September)

| Trips | 9M 2025 | 9M 2026 | y/y |
|---|---|---|---|
| International traveller trips | 6,109,755 | 6,112,078 | +0.04% |
| International visitor trips | 5,326,945 | 5,332,761 | +0.1% |
| Tourist trips | 4,307,094 | 4,404,872 | +2.3% |
| Same-day trips | 1,019,851 | 927,889 | −9.0% |

### 2.3 Top 15 source countries, international visitor trips, Q3

| # | Country | Q3 2025 | Q3 2026 | y/y |
|---|---|---|---|---|
| 1 | Russia | 664,645 | 695,798 | +4.7% |
| 2 | Türkiye | 430,019 | 398,096 | −7.4% |
| 3 | Armenia | 329,326 | 316,151 | −4.0% |
| 4 | Israel | 122,405 | 145,792 | +19.1% |
| 5 | Azerbaijan | 84,920 | 115,657 | +36.2% |
| 6 | Belarus | 81,017 | 83,959 | +3.6% |
| 7 | Kazakhstan | 76,533 | 78,758 | +2.9% |
| 8 | China | 49,578 | 64,527 | +30.2% |
| 9 | Ukraine | 45,469 | 55,153 | +21.3% |
| 10 | Germany | 33,576 | 39,212 | +16.8% |
| 11 | Saudi Arabia | 57,474 | 38,602 | −32.8% |
| 12 | Iran | 39,013 | 37,608 | −3.6% |
| 13 | Poland | 30,552 | 34,835 | +14.0% |
| 14 | Uzbekistan | 32,573 | 32,801 | +0.7% |
| 15 | USA | 21,746 | 23,729 | +9.1% |

Derived: Russia's share of visitor trips 26.8% (695,798 / 2,598,257); in 1Q26
Türkiye was first (TBC, 20.4%). Saudi Arabia drops from 8th (Q3 2025 ranking
derived from the same table) to 11th.

### 2.4 EU & UK and other markets TBC tracks, Q3

| Group / country | Q3 2025 | Q3 2026 | y/y |
|---|---|---|---|
| EU + UK (GNTA "EU" sheet, total) | 192,510 | **224,419** | +16.6% |
| Germany | 33,576 | 39,212 | +16.8% |
| Poland | 30,552 | 34,835 | +14.0% |
| United Kingdom | 15,426 | 18,233 | +18.2% |
| France | 13,385 | 15,818 | +18.2% |
| Italy | 10,801 | 13,250 | +22.7% |
| Greece | 12,958 | 11,728 | −9.5% |
| Netherlands | 8,948 | 10,751 | +20.1% |
| Spain | 9,464 | 10,207 | +7.9% |
| Lithuania | 6,214 | 9,124 | +46.8% |
| Czechia | 6,924 | 8,003 | +15.6% |
| Latvia | 5,721 | 7,183 | +25.6% |
| Belgium | 5,203 | 6,034 | +16.0% |
| India | 28,075 | 20,811 | −25.9% |
| Kyrgyzstan | 6,772 | 5,442 | −19.6% |
| Japan | 3,411 | 4,248 | +24.5% |
| Middle East region total | 114,927 | 89,684 | −22.0% |
| Gulf countries (GNTA overview text) | — | 52,975 | −32.5% |
| Kuwait | 10,823 | 6,656 | −38.5% |
| UAE | 5,403 | 4,253 | −21.3% |

Derived: EU + UK share of visitor trips 8.6% (224,419 / 2,598,257), up from
7.7%. GNTA attributes the Gulf and India declines to the regional conflict and
flight cancellations (overview, p. 5–6).

### 2.5 Entry points (international visitor trips, Q3)

| Border | Q3 2025 | Q3 2026 | y/y |
|---|---|---|---|
| Land | 1,501,922 | 1,474,909 | −1.8% |
| Air | 994,560 | **1,078,807** | +8.5% |
| Railway | 12,218 | 34,521 | +182.5% |
| Sea | 7,721 | 10,020 | +29.8% |
| Airport Tbilisi | 594,103 | 620,216 | +4.4% |
| Airport Batumi | 231,641 | 288,020 | +24.3% |
| Airport Kutaisi | 168,816 | 170,571 | +1.0% |
| Sarpi (Türkiye land border) | 480,615 | 467,276 | −2.8% |
| Kazbegi (Russia land border) | 462,098 | 426,524 | −7.7% |
| Railway Gardabani (Azerbaijan) | 333 | 23,162 | ×69.6 |

### 2.6 Monthly split — NOT AVAILABLE
GNTA's page and API filter by quarter only; the Q3 workbook has no month
columns. No public monthly visitor-trip table for July, August, September 2026
was found in this run (GNTA research page, its stat-file API, Geostat). TBC's
monthly Pulse exists but is the rival, not a source.

## 3. Travel revenue — NBG, via GNTA

**Direct NBG access: NOT GATHERED.** In this run `nbg.gov.ge` answered every
request (statistics page, and the FX JSON endpoint that worked in September)
with an F5 "TSPD" JavaScript bot-challenge page (HTTP 200 shell / 307), and a
headless browser rendered an empty page. Under the hard rule this is a stop:
nothing was retried or worked around. The NBG figures below are NBG's own
numbers as **republished by GNTA**, which names NBG as the source.

Source: GNTA "Economic Indicators" workbook,
`https://api.gnta.ge/api/v1/web/researches/download/272` (file "Economic
Indicators.xlsx"; page "Updated 20.10.2026"), sheet "International Tourism
Receipts", thousands of USD, "Source: National Bank of Georgia". By-country
figures: GNTA overview PDF (above), p. 7, "Source: National Bank of Georgia".

### 3.1 Totals (USD)

| International travel receipts | 2025 | 2026 | y/y |
|---|---|---|---|
| Q1 | 825,975,424 | 829,847,538 | +0.5% |
| Q2 | 1,145,023,190 | 1,101,841,000 | −3.8% |
| **Q3** | 1,666,763,213 | **1,864,397,136** | **+11.9%** |
| 9M (derived sum) | 3,637,761,827 | 3,796,085,674 | +4.4% |
| Full year 2025 | 4,690,179,827 | — | — |

The workbook's 2026 "Total" (3,796,085.6739 thousand) equals the sum of the
three quarters. Cross-check: TBC's 1Q26 chart prints 2025 quarters 826 / 1,145
/ 1,667 / 1,052 and 1Q26 830 — all match this sheet, so this is the series TBC
uses. GNTA calls Q3 2026 a record.

### 3.2 By country, Q3

Printed in USD by GNTA (text, p. 7):

| Market | Q3 2026, USD mn | Share |
|---|---|---|
| Russia | 334.2 | 17.9% |
| EU + UK | 310.2 | 16.6% |
| Israel | 234.9 | 12.6% |
| Türkiye | 173.2 | 9.3% |

Shares only (chart, p. 7, read visually), Q3 2025 → Q3 2026: Russia 15.2% →
17.9%; Israel 11.3% → 12.6%; Türkiye 11.7% → 9.3%; EU + UK 14.3% → 16.6%;
Azerbaijan 4.0% → 4.2%; Ukraine 2.7% → 3.7%; Armenia 3.7% → 3.6%; Others
27.2% → 24.8%.

- **Caution:** the chart's labels sum to 92.7% (2026) and 90.1% (2025), not
  100%, so one segment is unlabelled or mislabelled. Shares are usable for the
  four markets the text confirms (334.2 / 1,864.4 = 17.9% ✓), not for a full
  by-country table.
- Derived, Q3 2025 USD from rounded shares (± about USD 1 mn): Russia ≈ 253,
  EU + UK ≈ 238, Türkiye ≈ 195, Israel ≈ 188. Implied y/y (approximate):
  Russia ≈ +32%, EU + UK ≈ +30%, Israel ≈ +25%, Türkiye ≈ −11%.
- **NOT AVAILABLE in this run:** NBG's full "revenues from international
  travellers by country" table (TBC's 1Q26 also shows Saudi Arabia, Iran,
  Belarus). It lives on nbg.gov.ge, which was behind the bot challenge.

### 3.3 Card spending (NBG via GNTA, monthly, thousand GEL)
Sheet "Foreign Card Operations": latest month **April 2026** (445,840); July–
September 2026 not yet in the file. Q3 2025: July 567,089; August 598,082;
September 482,347. Not usable for Q3 2026.

## 4. Spending, length of stay, purpose — Geostat Inbound Tourism Survey

Source: Geostat, Tourism Statistics → Inbound Tourism,
`https://www.geostat.ge/en/modules/categories/102`. Workbooks (all "Last
update: 30.10.2026", HTTP Last-Modified 30 Oct 2026):
`geostat.ge/media/83762/0505EN0211_Expenditure.xlsx`,
`.../83761/0505EN0210_Number-of-nights.xlsx`,
`.../83760/0505EN0209_Number-of-visits.xlsx`,
`.../83755/0505EN0204_Visits-by-country-of-citizenship.xlsx`,
`.../83763/0505EN0203_Main-purpose.xlsx`. Scope: inbound visitors aged 15+.
Geostat prints **monthly averages** for the quarter; "×3" values are derived.

Cross-check: Geostat's visits (monthly average 866.085 thousand × 3 = 2,598,256)
equal GNTA's 2,598,257 visitor trips; every citizenship row × 3 matches GNTA's
country rows (Geostat "EU" = GNTA EU + UK minus UK: 224,419 − 18,233 = 206,186).

### 4.1 Expenditure, mln GEL (monthly average in the quarter)

| Category | Q3 2025 | Q3 2026 | y/y |
|---|---|---|---|
| Accommodation | 581.8 | 698.1 | +20.0% |
| Holiday, leisure, recreation, culture, sport | 306.2 | 129.4 | −57.7% |
| Shopping | 484.7 | 289.8 | −40.2% |
| Local transport | 170.7 | 180.4 | +5.7% |
| Food and drinks | 504.2 | 572.2 | +13.5% |
| Other | 22.1 | 30.6 | +38.5% |
| **Total** | 2,069.7 | **1,900.5** | **−8.2%** |
| Total for the quarter (derived ×3) | 6,209.2 | 5,701.5 | −8.2% |

Derived: spending per visit GEL 2,467.5 (Q3 2025) → GEL 2,194.4 (Q3 2026),
−11.1%.

### 4.2 Length of stay
Average nights per visit: 6.31 (Q3 2025) → **6.44** (Q3 2026), +2.2%.

### 4.3 Main purpose (monthly average visits, thousand)
Holiday/leisure 492.5 → 509.0 (+3.3%); visiting friends/relatives 174.0 →
186.8 (+7.3%); transit 102.4 → 96.4 (−5.8%); business 35.0 → 39.3 (+12.3%);
shopping 26.2 → 26.0 (−0.9%); health "..." (suppressed by Geostat).

**Note for the writer:** Geostat's survey spending in GEL falls 8.2% while
NBG's balance-of-payments receipts in USD rise 11.9%. They are different
measures (survey of 15+ visitors in GEL vs BoP credits in USD); the GEL/USD
rate also moved, but the rate could not be fetched this run (NBG blocked). Do
not reconcile them by guesswork; print both with their sources.

## 5. Hotels

### 5.1 Branded-hotel occupancy and room rate — as TBC prints it: NOT RECONSTRUCTABLE
TBC's block is "Occupancy and ADR in large branded hotels, national average,
USD, excl. VAT", source "TBC Capital" — the bank's own panel. Not public.

### 5.2 What is public instead: STR Global via GNTA (different measure)
GNTA overview p. 8, "Source: STR Global" (licensed STR data quoted by GNTA):

| Branded hotels | Q3 2025 | Q4 2025 | Q1 2026 | Q2 2026 | Q3 2026 |
|---|---|---|---|---|---|
| Occupancy, % | 74.1 | 53.2 | 37 | 58.3 | **77.4** |
| ADR, GEL | 298 | 255 | 264 | 284 | **318** |
| RevPAR, GEL | 221 | 136 | 98 | 167 | **247** |

Text: Batumi 86.6%, Tbilisi 77.4%, rest of country 80.4%.
- **Inconsistencies to flag, not fix:** GNTA says occupancy rose "3.9%"; the
  chart gives 74.1 → 77.4 = +3.3 pp (+4.5%). A national 77.4% equal to
  Tbilisi's and below both Batumi and the rest cannot be a weighted average of
  those three; one figure is likely misprinted. ADR is in GEL incl. whatever
  STR includes, so it is not comparable with TBC's USD-excl.-VAT ADR. Derived
  ADR y/y: +6.7% (318/298).
- Airbnb (GNTA, "Source: AirDNA"): 21,073 listings, 40,000+ beds (Sept 2026);
  Q3 2026 average occupancy 66.2%.

### 5.3 Geostat hotel survey — annual only, latest 2025
`geostat.ge/media/82348/0504EN020102_0505_Main_indicators.xlsx` (Last update
26.08.2026): 2025 — 2,783 hotels, **54,340 rooms**, 6,204,550 guests (of which
foreigners 3,893,315), 29,101 employed; 2024 — 2,662 hotels, 51,201 rooms,
5,825,879 guests. No occupancy rate and no quarterly series. Also served by
`tourismapi.geostat.ge/api/Hotels/*` (Tourism Statistics Portal), same annual
scope (years to 2025).

## 6. Air passengers

- **Geostat** (source: Georgian Civil Aviation Agency),
  `geostat.ge/media/82118/0504EN030202_Airports-in-Georgia.xlsx`, Last update
  19.08.2026: passengers carried, all airports, thousand — Q3 2025 **2,832.4**;
  Q1 2026 1,603.6; Q2 2026 1,992.0 (Q2 2025 2,112.1, so Q2 −5.7%). **Q3 2026
  not yet published.**
- **GCAA** (`gcaa.ge/statistics/`): passengers by airport are annual only
  (latest 2025). No quarterly table.
- **Tbilisi airport operator** (`tbilisiairport.com`): the site's firewall
  rejected the headless browser ("The requested URL was rejected", support
  ID). Stopped per the hard rule; not read. `georgianairports.com` did not
  resolve.
- **Secondary only:** internationalinvestment.biz, 12 Oct 2026, crediting
  BM.ge and the Civil Aviation Agency: Jan–Sep 2026 passengers "6.6 million",
  +2%; Jan–Sep 2025 "almost 6.49 million" (Geostat sum: 6,481.97 thousand ✓).
  Derived Q3 2026 ≈ 6.6 mn − 3,595.6 thousand ≈ 3.0 mn; with the source's
  rounding (6.55–6.65 mn) that is 2.95–3.05 mn, i.e. +4% to +8% y/y. Too
  coarse to print as a figure; at most a range with the caveat.
- **Best primary proxy:** GNTA air-border visitor trips (§2.5): 1,078,807,
  +8.5% y/y; Batumi airport +24.3%.

## 7. Gaps

Not yet published for Q3 2026:
- Air passengers (Geostat/GCAA quarterly): latest Q2 2026.
- Foreign card spending (NBG via GNTA): latest April 2026.
- Tourism value added (Geostat via GNTA): latest Q2 2026 (H1 2026 GEL 3,460.2
  mn, 7.4% of GDP at basic prices, preliminary).
- Hotel survey (Geostat): annual, latest 2025.
- Monthly visitor trips for July/August/September: no public table found.

Blocked in this run (hard rule, not worked around):
- nbg.gov.ge: F5 JavaScript bot challenge on the whole domain → NBG's full
  by-country travel-revenue table not read; GEL/USD rate not read.
- tbilisiairport.com: firewall rejection of the headless browser.

Proprietary / not reconstructable:
- TBC's large-branded-hotel occupancy and ADR (USD, excl. VAT) — the bank's
  own data. Public STR figures via GNTA are a different panel and currency.
- STR Global and AirDNA are licensed; we can quote only what GNTA publishes.

## 8. Run record
- Fetch count: about 110 network requests (page renders, API calls, file
  downloads, 2 web searches, 1 secondary-article fetch), counted from the
  session log; approximate.
- Files parsed: 3 GNTA workbooks + 1 GNTA indicators workbook + 1 GNTA PDF;
  6 Geostat workbooks; 1 TBC PDF (1Q26, structure only).
- Wall-clock: about 15 minutes of fetching (10:31–10:45 Tbilisi), plus
  writing this pack.
- robots.txt: gnta.ge disallows only Googlebot; gcaa.ge disallows only
  `/wp-admin/` and wpforms uploads; tbilisiairport.com allows all (but its
  firewall rejected the browser). nbg.gov.ge's robots.txt itself sits behind
  the challenge.