Cyprus Business Now

Cyprus Statistical Service (Cystat) reported a 20.1 per cent increase in total tourist arrivals for the year 2023 compared to the previous year, which marked the third-best year on record after 2018 and 2019. Data released on Wednesday indicated that from January to December 2023, tourist arrivals reached 3,845,652, a notable rise from the 3,201,080 recorded during the same period in 2022.

The peak of tourist arrivals in Cyprus occurred in 2019, with a total of 3,976,777 visitors. Similarly, in 2018, arrivals reached 3,938,625. The subsequent year, 2020, experienced a significant decline in arrivals due to the adverse effects of the pandemic.

In December 2023, there was a 12.3 per cent increase in tourist arrivals, totalling 123,630, compared to 110,041 in December 2022. The primary sources of tourism for December 2023 were the United Kingdom (23.4 per cent), Poland (11.5 per cent), and Greece (10.3 per cent).

In December 2023, 58.4 per cent of tourists visited for leisure, 30.4 per cent to visit friends or relatives, and 11.0 per cent for business purposes. In December 2022, the corresponding figures were 61.9 per cent, 27.4 per cent, and 10.4 per cent, respectively.

Furthermore, Cypriot residents’ trips abroad in December 2023 saw a 9.8 per cent increase, totalling 153,736 compared to 139,981 in December 2022. The primary countries of return for Cypriot residents in December 2023 were Greece (30.2 per cent), the United Kingdom (15.3 per cent), and Poland (4.6 per cent).

For Cypriot residents travelling in December 2023, the predominant purpose was holidays (62.5 per cent), followed by professional reasons (16.3 per cent), studies (20.5 per cent), and other reasons (0.8 per cent).

In December 2023, the Cyprus Statistical Service (Cystat) reported a notable economic development. harmonised inflation in Cyprus slowed to 1.9 per cent, the lowest since June 2021, indicating a decrease of 1.2 per cent from November 2023.

Comparing December 2023 to the same month in the previous year, the harmonised index of consumer prices in Cyprus increased by 1.9 per cent. The Energy category showed significant changes, with percentages of -4.2 per cent and -4.3 per cent compared to December 2022 and the previous month.

For the entire year of 2023, the Index saw an overall increase of 3.9 per cent compared to the same period in the previous year. The Restaurants and Hotels category led with a positive change of 5.3 per cent from December 2022, while the Transportation category experienced the most significant negative shift at -4.2 per cent.

Notable changes were observed in November 2023, where the Transportation category played a prominent role with the largest change, marking a decrease of -3.1 per cent.

Examining the broader timeframe from January to December 2023 compared to the same period in the preceding year, key shifts were evident in the food and non-alcoholic beverages category, registering an 8.0 per cent increase, and the Restaurants and Hotels category, showing a 6.4 per cent upturn, according to Cystat’s comprehensive analysis.

The Cyprus Stock Exchange (CSE) registered new losses during the stock market meeting on Wednesday. The General Index of the CSE closed at 135.28 points, showing a decline of -0.2 per cent.

Similarly, the FTSE/CySE 20 Index closed at 82.10 points, reflecting a decrease of -0.17 per cent.

The Bank of Cyprus share closed at €3.36, indicating losses of 1.18 per cent and a trading volume of €59.9 thousand.

Conversely, the Hellenic Bank share closed at €2.25, remaining unchanged with a trading volume of €20 thousand.

The value of the transactions amounted to €307.4 thousand. Throughout the trading session, the General Index fluctuated between 1319.35 (-0.98 per cent) and 1340.02 points (+0.57 per cent). At 17.00, it stood at 1330.45 (-0.15 per cent) and concluded the trading day at 1331.34 points, experiencing daily losses of 0.08 per cent.