Cyprus Mail

Revenue from tourism up 19% to €292m in May, Cystat says

Revenue from tourism rose in May an annual 19 per cent to €291.5m against a 15 per cent annual increase in arrivals, the statistical service said.

In the first five months of the year, total revenue from tourism rose 22 per cent to €649.2m compared to January to May last year, Cystat said in a statement on its website on Monday. Arrivals from January to May rose an annual 18 per cent.

The increase in revenue was mainly on a 3.8 per cent increase in spending per person to €696.08 in May compared to €670.64 in May 2016, Cystat said. This was mainly on a 20 per cent increase in average spending by tourists from Russia, Cyprus’ second-largest source of incoming tourism, to €672.76, which more than offset a 12 per cent slump in the case of tourists from the UK, traditionally Cyprus’s major source of tourism, to €716.04.

Revenue from tourists from Germany rose 0.7 per cent while in the case of Greek tourists it dropped 6.5 per cent, Cystat said.

The highest increases were recorded in tourists from Poland, the US, and Israel, who respectively spent in May 40 per cent, 37 per cent, and 33 per cent more than they did a year before, Cystat said.

Tourism accounts for roughly a quarter of Cyprus’s economy, directly or indirectly.

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