Tourism share in Russia's GDP grows to almost 3% in 2025 - deputy PM

MOSCOW. July 17 (Interfax) - More than 1 trillion rubles were invested in the Russian tourism industry in 2024, and the tourism share in Russia's GDP reached 2.9%, Deputy Prime Minister Dmitry Chernyshenko said on Thursday.

"The state and investors contributed over 1 trillion rubles to the development of tourism infrastructure last year. In fact, tourism is an aggregating business sector combining over 50 areas. In just one segment of these 50 areas, related to the hospitality business, we are observing a high economic growth of 9.8%, which is exceeded only by the banking and IT industries. That's a good growth," Chernyshenko said an interview with the Rossiya-24 television channel (VGTRK).

The growth started at the low level in 2021, when coronavirus pandemic restrictions were in effect, he said.

"These indicators have long been compensated for. We have surpassed the levels of the pre-pandemic year 2019 and are steadily progressing towards more than 140 million domestic tourist trips to be recorded in Russia by 2030, alongside more than 5% contribution of tourism in the GDP," Chernyshenko said.

Investors have faith in the tourist industry and are ready to invest in it, he said.

"Traveling requires the development of infrastructure and the provision of a safe, comfortable and affordable stay for our tourists. The fact that our business invested 1 trillion rubles last year is a good sign. Business has faith and sees the available return horizon for this investment. The internal rate of return is more than 15% and the payback period is around 10-15 years, which is a very good result for this type of activity," he said.

Tourism contribution in Russia's GDP stood at 2.5% last year, Chernyshenko said.

"We have had a rather good growth this year, and tourism contribution to the GDP currently stands at around 2.9%. Of course, we will have to work hard in order to reach the 5% objective. The national project provides all the instruments necessary for doing that. If we keep the pace, we will reach the targets by 2030," he said.