Tourist revenue up 10% in September, Cystat says

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By Stelios Orphanides

Revenue from tourism rose 10 per cent in September compared to the respective month of 2016 to €483.7m against a 15 per cent increase in arrivals, as British tourists cut back on spending, the statistical service said.

In January to September, total revenue rose 13 per cent to €2.2bn against a 15 per cent increase in arrivals, Cystat said in a statement on its website on Wednesday.

In September, tourists reduced their holiday budget 4.2 per cent to €766.89 on average and stayed on the island 9.7 days also on average compared to September last year, Cystat said. Average spending per day fell as a result also 4.2 per cent to €79.06.

The decrease in the holiday budget was particularly strong in the case of visitors from the UK, traditionally Cyprus’s largest source of incoming tourism whose economy plunged into uncertainty last year after voters decided to leave the EU, Cystat said. British tourists reduced their holiday budgets 8.9 per cent to €831.36 in September compared to a year before while vacationing in Cyprus. Also, tourists from Russia, the second largest source of arrivals, cut their spending 1 per cent to €786.78.

 

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About Author

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

  • Philippos

    The Writing is on the wall. We are transfixed by the number of arrivals and we are not looking at what is really happening to our tourism. We are headed for the basement and we shall be helped in that by the weather and Brexit. Even though the ruble is doing slightly better as a currency, the type of Russian speaking tourists that we are getting now, to inhabit our older run down hotels, just don’t have the money to throw around on “luxuries”. However it is encouraging us to the view that we can go a few more years using the same worn out stock, without negative effect and make more profit. The real case is that many of these hotels are not profitable now and the Bank must take them. Earlier year profits have been frittered away, the renovation bill is unmanageable and the original loans for construction or debt plugging can no longer be serviced.

  • AnalogMind

    Very impressive. Bravo!

  • Barry White

    ‘Value for money and the Chicks are free’

  • almostbroke

    Tourism is a very ‘fragile ‘ industry and Cyprus is reaping the benefits of the decline in tourism in the surrounding countries due to terrorist threats . Has the industry any strategy in the event of an upturn of the fortunes of the other tourist countries surrounding them , if it’s the same old mantra ‘maximum profit for minimum input ‘ it’s doomed to crash . Cyprus needs a sustainable plan to keep the punters coming , with value for money as the top priority and reasonable air fares which they seem to be getting right , don’t fall into the trap of ‘killing the goose that laid the golden egg ‘ for short term gain .