articles | 06 September 2019

Tourism revenue dips in June 2019

Cyprus tourism revenue declined 2% in June 2019 for the second month running while arrivals remain at the same high level as last year.

The June figures are the fourth time in six months that tourist spending has been in negative territory. In May income was down by 3.6%.

Income from tourism in June reached €350.4 million from €357.7 million in the same month last year.

For the six-month period of January-June 2019 revenue from tourism dipped 3.1% to €1.003 billion from €1.034 billion in the same period of 2018.

Expenditure per person for June 2019 declined by 1.8% to €687.53 compared to €699.88 in the same month last year.

The daily expenditure per person/per day for June also declined by 1.8% from €76.91 to €75.55 while the average length of stay remained the same as last year at 9.1 days.

For the six months ending in June expenditure per person decreased 2.2% to €615.08 from €629.04 in the same period last year.

Daily expenditure per person/per day for the period of January-June increased 0.1% from €72.30 to €72.36).

Israeli’s were the biggest daily spenders with an average budget of €111.97 while the most frugal were the Greeks spending €42.69 per day.

Cyprus annual tourist arrivals spiked 7.8 per in 2018 reaching a record 3.93 million as revenue touched a historic high of €2.71 billion.

Income from tourism now accounts for about 15% of the country’s gross domestic product and is credited with underpinning a quick recovery from recession with GDP growth at around 3.5%.

Source: Financial Mirror

 

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