International visitors (tourists and same-day combined) surged 14.2% y/y to 0.6mn persons in May-19 after 1.9% y/y growth in 4M19. This growth was predominantly driven by 18.0% y/y increase in tourist arrivals, while same-day arrivals also increased 6.7% y/y. Arrivals from Russia topped the list being the largest source of visitor growth (+53.2% y/y), followed by Armenia (+15.4% y/y) and Kazakhstan (+84.6% y/y). Visitors from the EU were up 19.3% y/y to over 46k visitors, with Germany and Poland driving growth.
From non-traditional markets visitors were pronounced from Israel, like in previous months. From major source markets, visitors from Turkey continued to fall for 9th consecutive month. Arrivals from Iran more than halved (down since Jun-18 with the exception of Nov-18). Tourism generated US$ 295mn revenues in May-19 by our estimates, up 19.9% y/y.
We expect tourist arrivals to continue strong growth in 2H19, due to high season and fading effect of reduced visitors from Iran and Turkey.
Please see the full note here, which brings together tourist arrival data for reporting month, most recent statistical information available in the sector and 2019 forecast.
