Cyprus tourism revenue tumbles further than arrivals in 2008

Cyprus tourism revenue tumbled by 3.5% in 2008 according to the latest data, a year in which tourism arrivals fell by 0.5%.
On the basis of the results of the Passenger Survey, revenue from tourism is estimated at EUR 1,792.8 mln (EUR 1.8 bln) compared with EUR 1,858.1 mln in the corresponding period of 2007.
Given the inflation rate in of consumer price inflation rate of 4.7% in 2008, this means that revenue fell in real terms by around 8.2%.
In 2007 revenue had risen by 5.9%.
In December alone, revenue managed to scrape a small increase of 0.4%, reaching EUR 51.6 mln in December 2008 compared with EUR 51.4 mln in the corresponding month of the previous year.