Tourism revenue rises 3.7% in July

Revenue from tourism rose by 3.7% compared with the corresponding period of the previous year in July, to reach CYP 140.1 mln.

This was the third month in a row that tourism revenue rose year on year, after steep declines between November and February. However, it was still behind the increase in the number of arrivals, which rose by 10.8%.

On a year-to-date basis, arrivals were up by 7.1% in January-July, whie revenue was up by only 1.5%.

Spending per person is still down, therefore, at least according to the Passenger Survey. However, other forms of spending by visitors are more promising.

According to analysis done for the Central Bank of Cyprus, spending by people with second homes in Cyprus amounted in CYP 60 mln in 2004.

Total spending in 2004 according to the Passenger Survey (which does not include the Central Bank figures) amounted to CYP 982 mln.

According to Financial Mirror information, the Central Bank hopes that statistics on spending by second homeowners can be formalised, in order to get a truer picture of foreign-exchange revenue coming into the country.

Fiona Mullen