articles | 11 July 2018

April 2018 tourism revenue down 4.3%

Revenue from tourism fell in April 4.3% to €181.4m compared to the respective month of 2017 against a 9.7% increase in arrivals, the statistical service said.

In the first four months of the year, revenue from tourism, one of the main drivers of economic recovery following the 2013 crisis, rose an annual 6.9% to €382.5m, Cystat said in a statement on its website on Wednesday. In January to April, tourist arrivals rose 20%.

The decline in revenue from tourism in April was mainly on an annual 13% reduction of visitors’ holiday budgets to €577.39 resulting from a shortening of their average stay by 0.7 days to 8.1 days and a 5.3% reduction in average spending per day to €71.28, Cystat said.

Tourists from the UK, whose economy plunged into uncertainty two years ago when voters decided to leave the European Union, reduced their holiday budgets 10% to €651.53 compared to the respective month of 2017, Cystat said. Tourists from Russia, Cyprus’ second largest source of incoming tourism after the UK, reduced their holiday budgets twice as much to €625.09.

German tourists spend in April €686.10 during their stay which is 7.6% less compared to April last year, according to Cystat. In the case of visitors from Israel and Greece, the drop was 16% and 5.1% to €546.61 and €286.72 respectively.

Source: Cyprus Mail

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