Georgia’s tourism sector continues to grow impressively – in 10M13 the number of international arrivals was up 24% y/y to 4.6mn. Georgian tourism activity traditionally peaks in July and August, with those two months representing 1/4 of total annual arrivals on average and this year has been no exception. The y/y growth rate of international arrivals has been strong heading into the fall months, with foreign visits up 20% y/y in 3Q13 and 14% y/y in October. New direct flights from Poland, Ukraine, Russia and Iraq helped significantly boost arrival numbers from these countries. Arrivals from Russia alone were up 50% y/y to 662,291 visitors, representing 15% of total visitors in 10M13 vs. 11% in 2012. It is forecasted that there will be 8.9mn international arrivals or 2.1x of Georgia’s population in 2019. To compare – Croatia, Cyprus, Estonia and Montenegro hosted 2.3x, 2.1x, 2.0x and 1.9x of their respective populations in 2011.