Revenue from tourism up 12% to €2.6bn record

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By Stelios Orphanides

Revenue from tourism rose last year 12 per cent to €2.6bn to an all-time high, aided by a 15 per cent increase in arrivals to 3.7m, which was also a new record, the statistical service said.

In December alone, revenue from tourism rose an annual 9.6 per cent to €55.8m which is again an all-time high, versus an increase in arrival of 13 per cent, Cystat said in a statement on its website on Monday.

Last year, the average spending per tourist fell 2.6 per cent to €722.62 compared to 2016, Cystat said. Average spending per person per day also fell 2.6 per cent to €76.07.

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About Author

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

  • Philippos

    Great News, BUT, the last line says it all. Celebrate by all means, shortly, but heed the warning of falling spending per capita and all the closed and unprofitable restaurants, bars and shops outside the core of the tourist areas. The Hotels are “winning the people” but many of them are unprofitable even at these arrivals levels because the per capita spend is below cost. Now is the time to fix this, not when the Arrivals numbers start to fall and then the panic sets in due to all the “Extensions” of accommodation not being filled.

    • AnalogMind

      You can’t mix the performance of small shopkeepers with that of well-organized tourism. The message here is that Cypriot tourism is becoming more sophisticated and more competitive. If some hotels are unprofitable then you facilitate the transfer of ownership to stronger hands which then could invest in them and manage them better.

      • Philippos

        ..and you’re probably serious! You need Cypriot Eyes, not NW European. The hotels go bust, the banks take them, the NPL’s “Evaporate”, so there is a thumping great loss of liquidity and lending capacity in the economy…and who takes over these inherently unprofitable properties, that didn’t just fail from mismanagement but from an inability to attract customers who would / could pay enough and whose payments never covered “Central costs” that were up until foreclosure financed by ever greater loans. Your comments are from the real world, not from Cyprus. Dig deep and find out that a huge chunk of the “Industry” is like the Colossus of Rhodes, has clay feets

  • AnalogMind

    Wow! 12% increase in tourism revenue? This puts Cyprus at the top of the list regarding EU performance.