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    17 April 2017

    Tourism to boost economy by €5.6b in 10 years

    Tourism to boost economy by €5.6b in 10 years

    Over a quarter of the island’s GDP will come from tourism by 2027 says the World Travel and Tourism Council (WTTC) in a report.

    The WTTC sees great potential in the Cyprus tourism sector, saying that the sector will boost the economy over the next 10 years by employing over 108,000 workers by 2027, compared to 83,500 in 2017.

    Meanwhile the WTTC estimates that the tourist arrivals for 2017 will increase by 5.1% to reach 3,347,000 tourists, compared to an estimate of 4,763,000 by 2027.

    According to the WTTC report, by 2027, the tourism sector will contribute 26.6% to the island’s GDP (€5.6 billion), compared to 2016 where the sector contributed 21.4% to GDP (€3.8 billion).

    It is estimated that in 2017 the sector will contribute 22% to GDP (€4 billion).

    Employment in the sector corresponded to 22% of total employment in 2016 (80,500) and it is expected to reach 26.5% by 2027 (108,000).

    Source: InCyprus

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