Cyprus Mail
Business

Revenue from tourism declines for the first time in five years

Revenue from tourism declined by one per cent to €2,683 million in 2019 from €2,711 the year before, data published by the Cyprus Statistical Service (CyStat) showed on Tuesday, the first decline in tourist revenue in five years.

The reduction comes as tourist arrivals in 2019 marked a new record of 3.97 million (up by one per cent year on year), with the decline in revenue attributed to smaller expenditure per person.

According to CyStat, the expenditure per person for the period of January – December 2019 reached €674.65 compared to €688.22 the previous year, a decrease of 2.0 per cent.

The expenditure per person/per day in 2019 compared to 2018 remained broadly at the same level (from €74.81 to €74.96).

For December 2019, revenue from tourism amounted to €54.6m compared to €56.4m in the corresponding month of the previous year, a decrease of 3.2 per cent.

The expenditure per person for December 2019 reached €494.67 compared to €528.95 in the corresponding month of the previous year, a decrease of 6.5 per cent.

The expenditure per person/per day for December 2019 compared to December 2018 marked a reduction of 1.2 per cent (from €56.88 to €56.21). A decrease of 5.4 per cent was also recorded in the average length of stay, from 9.3 days in December 2018 to 8.8 days in December 2019.

 

Related Posts

Is Bitcoin a good investment in 2022?

CM Guest Columnist

McDonald’s to exit Russia after more than 30 years

FTX’s billionaire chief says bitcoin has no future as a payments network

Reuters News Service

Understanding the fundamental value of Bitcoin

CM Guest Columnist

Ryanair cautious about ‘fragile’ recovery, berates Boeing

Vodafone shares up 4 per cent after UAE group buys stake

Reuters News Service