Tourism revenue up 15% in June to €347m, Cystat says

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By Stelios Orphanides

Revenue from tourism rose in June 15 per cent to €347.2m compared with the respective month of 2016 against a 14 per cent increase in arrivals in the same month, the statistical service said.

In the first half of the year, revenue from tourism rose an annual 20 per cent to below €996.4bn against a 17 per cent increase in arrivals, Cystat said in a statement on its website on Tuesday.

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Stelios Orphanides is a journalist at CyprusBusinessMail.com. To contact Stelios Orphanides: [email protected]

  • Bruce

    Figures on tourism revenue exaggerate their contribution to receipts going into the Republic of Cyprus. These figures are based on expenditure surveys at airports asking tourists how much ,they spent for their holiday in Cyprus including their hotel expenses ( often payment to foreign agent for all -inclusive hotel package).In so far as part of this reported expenditure is in the Turkish -occupied area of Cyprus and the fact that hoteliers keep a significant part of their revenue due from their agents abroad, the figures on tourism revenue are indeed an overestimate for the Republic.Also with their all-inclusive packages hotels confine tourists to their immediate(hotel) areas and the latter add only modest amounts to the surrounding localities through spending at restaurants, on car hirings etc

    • Glykotsoutsounos Andreas

      And yet the economy grew by 3.5-3.7%, the third fastest out of the 28 EU member states.

      • Bruce

        As a result of the overestimate of tourism revenue the level of GDP is overestimated as well. Regarding whether the growth rate of the Republic is exaggerated it depends on whether an increasing proportion of the estimated tourist expenditures are being syphoned off to the occupied area and into the foreign accounts of hoteliers.
        It is noted that the large increase in private consumption by residents has been a main force behind the relatively high growth rates in 2016 and 2017.

        • Glykotsoutsounos Andreas

          LOL dude! It is the European statistical agency calculating eats EU country’s GDP, not some airport survey.
          Sory if that upsets you.

          • Bruce

            You are completely wrong. Eurostat calculates GDP for Cyprus based on figures sent by the Cyprus Statistical Service which in turn are based on its expenditure surveys including that on tourism at airports.

          • Barry White

            Ohhh, so not 100% accurate then, Bruce.

      • Philippos

        What’s that English Phrase about “One swallow does not make a summer”. Since our economy is essentially unchanged structurally and rather dependent on terrorism in competing tourist destinations ( and vulnerable to having our own incidents), we are of course just as exposed as we were ten years ago, except this time we owe a huge amount outside Cyprus and our banks are “Balled and chained” in trying to finance any serious economic growth. Our “Tourist Capital” is gutshot, worn out and boring and this will soon start to show in what we can charge and who we can attract. To use “American” – “We are in a bad place”. Next Stop – “A Very Bad Place”. Sorry if that upsets you, but it should. Maybe you’ll start thinking instead of just reacting