CYPRUS: Tourism revenue up 0.8% in August after slump

Revenue from Cyprus tourism edged up 0.8% in August reaching €431.6 mln on the same month last year, in the first increase since April.

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For the 8 months to August 2019 income from tourism declined 1.7% to €1.85 bln from €1.88 bln in the same period of 2018, according to official figures.

Expenditure per person for August was €779.31 compared to €800.65 in the same month of 2018, recording a decrease of 2.7%.

Expenditure per person/per day recorded an increase of 1.3% (from €77.73 to €78.72).

A decrease of 3.9% was recorded in the average length of stay, from 9.3 days in August 2018 to 9.9 days this year.

Spending per person for the 8-month period January-August 2019 declined 2.3% to €678.69 from €694.85.

Expenditure per person/per day for January-August also fell 0.2% from €75.53 to €75.41.

The most frugal visitors in August were the Greeks spending an average of €36.50 a day while the most extravagant were the Lebanese spending a whopping €128.24 per-day.

Cyprus annual tourist arrivals spiked 7.8% in 2018 to a record 3.93 million as revenue touched a historic high of €2.71 bln.

Cypriot authorities say they would be satisfied to meet last year’s targets due to stiffer competition from cheaper neighbouring destinations like Turkey.

Income from tourism accounts for about 15% of the country’s gross domestic product and is credited with underpinning a quick recovery with GDP growth at around 3%.