news | 18 January 2018 | ServPRO Accountants & Consultants

Significant Increase in Cyprus Tourism Revenue

According to a recent report by the Statistical Service of Cyprus (Cystat), tourism revenue increased by 11.9% in the first ten months of 2017. Cystat reported that, on the basis of the results of the Passenger Survey, tourism revenue reached the amount of €277,1 million in the month of October 2017 compared to the €266,0 million in the corresponding month of the previous year (+4.2%).

Cystat’s report says: “For the period of January – October 2017 revenue from tourism is estimated at €2.493,8 million compared to €2.228,7 million in the corresponding period of 2016, recording an increase of 11.9%.”

The expenditure per person in October 2017 recorded a decrease of 8.6%, falling to €681,05 from €744,73 in comparison to the corresponding month of the previous year. Cystat also reports a decrease of 10.7% in the expenditure of United Kingdom tourists, 8.0% in the expenditure of Russian tourists as well as a 21.7% decrease in the expenditure of tourists from Israel.

“The expenditure per person/per day for tourists from the United Kingdom recorded a decrease of 9.8% (from €80,94 in October 2016 to €72,98 in October 2017), the expenditure per person/per day for tourists from Russia decreased by 18.1% (from €82,25 to €67,33) and for tourists from Israel also decreased by 13.2% (from €124,57 to €108,13)” Cystat said.

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