In May, tourists reduced their spending 6% per stay to an average of €654.14 compared with May last year, Cystat said. Visitors from the UK, traditionally Cyprus’ largest source of incoming tourism, spent on average €694.35 in May or 3% less compared with the year before while those from Russia, the second largest market, €625.87 which was 9.7% less.

The current uncertainty over the impact on the UK’s economy from Brexit and the increasing geopolitical tensions affecting the performance of the Russian economy following a new round of sanctions announced by the US on Wednesday, may have a further negative effect on the island’s economy.

In January to May, revenue from tourism rose an annual 4.3% to €677.2m against a 14% increase in arrivals, Cystat said.

Source: Cyprus Mail