Tourism revenue dives in Jan despite strong arrivals

On the basis of the results of the Passenger Survey, revenue from tourism reached CYP 20.7 mln in January 2005, compared with CYP 21.8 mln in January 2003.

This is despite the fact that arrivals of tourists recorded a healthy increase of 4.2% year on year in the same month.

For the whole of 2004 arrivals rose by 2% to 2,349,012, while revenue from tourism fell by 3.2%.

The Cyprus Tourism Organisation is forecasting a 5% increase in tourist arrivals in 2005.

The tourism sector is estimated to account for 20% of GDP.