Cyprus tourism revenue approaches €3 billion in 2023

Tourism revenue in Cyprus surged to nearly €3 billion during the January-November 2023 period, indicating a remarkable 22.5 per cent annual increase, according to a report released on Wednesday by the state’s statistical service.

This substantial growth not only exceeded the figures for the same period in 2019, a record-setting year for Cypriot tourism with €2.68 billion, but also showcased the sector’s robust recovery.

According to the report, tourism revenue between January and November 2023 reached €2.91 billion.

In comparison, the corresponding period in 2022 reported €2.38 billion, marking a noteworthy 22.5 per cent upswing.

November alone witnessed tourism revenue hitting €113.7 million, demonstrating a significant 17.9 per cent increase compared to the same month in the previous year.

Breaking down the figures further, the per capita spending by tourists in November 2023 amounted to €712.63, showcasing a 10.8 per cent surge from the €643.38 recorded in November 2022.

These indicators point towards both an increase in tourist arrivals and a rise in individual spending, reflecting positively on the Cypriot tourism industry.

Particularly noteworthy is the fact that British tourists constituted the largest share of the tourist market in November 2023, accounting for 26.8 per cent of total visitors.

On average, British tourists spent €71.75 per day during their stay.

Following closely, Polish tourists comprised the second-largest market share at 11.8 per cent, with an average daily expenditure of €81.20.

German tourists, representing the third-largest market share at 10 per cent, exhibited the highest daily spending among the top three markets, reaching €103.24.