New York City’s official tourism agency has revised its projection for the number of tourists expected to come to the five boroughs in 2025.

A total of 64.1 million people are projected to visit the city this year, down 3.1 million from a February projection of 67.2 million, Julie Coker, New York City Tourism + Conventions president and CEO, said in a statement on Friday.

The agency estimates the projected decline will amount to a more than $4 billion loss in direct spending.

The revision came after a review of the latest data from Tourism Economics, an industry research provider, Coker said.

Domestic visitor projections dropped by about 1 million, from 53.1 million to 52 million, while the expected number of those traveling from abroad decreased by 2 million, from 14.1 million to 12.1 million.

While only around 20% of tourists to the city are international visitors, they account for about 50% of the spending, according to Coker.

Coker said the city will “address these challenges through continued sales, marketing and communications strategy grounded in our diverse product mix that speaks to travelers of all budgets, ages and interests.”

A tourism marketing campaign called “With Love + Liberty, New York City” is launching in 17 countries to attract visitors to the city, Coker said, adding the city will also “continue to benefit from its position as the nation’s number one port of entry for international arrivals.”

“Our welcoming spirit will not waver, and global travelers have an open invitation to visit the one and only New York City when they’re ready,” she said.