Cyprus & World News

CYPRUS: Income from tourism in May at record level

10 August, 2018

Cyprus’ tourism income for May is the highest ever recorded with a 1.1% year-on-year rise bolstered by record arrivals, official data showed Friday.

 Tourism receipts reached €294.7 mln in May compared to €291.5 mln in the same month of 2017, recording an increase of 1.1%.  It most revenue ever generated for that month.

The increase in spending comes against a backdrop of record tourist arrivals in May of 450,495, up 7.6% on the previous year.

The rise in spending follows a 4.3% decline in revenue recorded in April.

For the first five months, January – May, revenue from tourism increased 4.3% to €677.2 mln from €649.2 mln in the same period of 2017.

Expenditure per person, during their stay for May, was €654.14 from €696.08 last year, recording a decrease of 6%.

The expenditure per person/per day for May declined by 3.8% to €76.06 from €79.10.

There was a 2.3% dip in the average length of stay on the island, from 8.8 days to 8.6 days.

Average expenditure per person for January–May dropped 8.9% to €597.12 compared to €655.23 in the same period of 2017.

Expenditure per person/per day for the first five months also decreased 5.7% from €74.46 to €70.25.

The most frugal visitors in May were the Greeks spending an average of €45.90 a day while the most extravagant were the Lebanese spending a whopping €159.58 per-day.

The eastern Mediterranean island has benefited from its reputation as a regional safe haven as unrest has hit the tourism sectors of its traditional competitors Egypt, Tunisia and Turkey.

 But recent stability in those countries is attracting more tourists at competitive prices meaning Cyprus must up its game to keep the numbers coming.

There is a concern about a recent drop in big-spending Russians coming, as Russia is the island’s second largest tourist market after Britain.

The tourism boom has helped Cyprus return to growth following a €10-billion bailout to rescue its crumbling economy and insolvent banks in March 2013.

Income from tourism now accounts for about 15% of the country’s gross domestic product and is credited with underpinning a quick recovery.

A record 3.65 million tourists enjoyed a Cyprus holiday last year, spending an unprecedented €2.6 bln.