articles | 07 November 2023

Cyprus sees record tourism revenue — island poised to eclipse last year’s figure

Cyprus witnessed record-breaking tourism revenue in August 2023, marking a substantial annual increase of 20.8 per cent, according to a report by the state’s statistical service.

In addition, these extraordinary figures follow a stunning 25.4 per cent surge in tourism revenue for the period of January to August 2023, when compared to the same period last year. According to the findings released by the Cyprus Statistical Service (Cystat), based on the agency’s recurring Traveller Survey, tourism revenue in August 2023 reached an impressive €483 million. This marks a substantial 20.8 per cent increase when compared to the corresponding month of 2022, when revenue of €399.7 million was recorded. Moreover, this figure stands as the highest level of revenue recorded for the month of August since data collection began.

For the period spanning January to August 2023, tourism revenue reached €2.02 billion, as opposed to €1.61 billion for the same period in 2022, indicating a substantial growth of 25.4 per cent. To provide additional context, in the entirety of 2022, tourism revenue amounted to €2.43 billion. The report also noted that the average per capita expenditure of tourists in August 2023 reached €944.51, an increase of 6.6 per cent compared to the €885.98 recorded in August 2022. Notably, British tourists, constituting the largest portion of Cyprus’ tourist market at 35.9 per cent in August 2023, spent an average of €100.49 per day.

Further to the above, Israeli tourists, representing the second-largest market for that month at 14.9 per cent, had an average daily expenditure of €142.11. Tourists from Poland, the third-largest market at 5.8 per cent, had an average daily expenditure of €95.21. These expenditure patterns highlight the diverse spending habits of tourists and their significant contributions to the impressive surge in tourism revenue. Meanwhile, it is worth noting that Cyprus has recently been placed among the top ten preferred destinations for British tourists, according to a survey by the Association of British Travel Agents (ABTA). The research highlighted growing trends, including year-round travel, with May and June emerging as the most popular months for overseas vacations.

Additionally, the survey noted that, among British travellers, city breaks have overtaken beach holidays in popularity, with Spain, France, Italy, the USA, and Greece leading the list of popular destinations. Finally, Turkey, one of the region’s cheaper alternatives, was ranked eighth, while Cyprus was in the tenth position.

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