Cyprus tourism revenue hits new high

Cyprus tourism stakeholders are rejoicing as revenues continue to soar, surpassing the 2019 levels, considered the island’s peak year for tourism, according to data from the Statistical Service. The travelers’ survey for

Tourists are spending more

Tourists’ average spending in Cyprus last year was higher than pre-COVID 2019, when the island had record tourist arrivals and income, leaving stakeholders optimistic for the summer. According to data released by


Household consumption spending rising

European Union household consumption expenditure saw the second largest annual increase in Cyprus, with almost 13% behind Croatia (21.2%), according to Eurostat. In 2021, household consumption expenditure in the EU increased by


Cyprus lagging in research spending

According to Eurostat, Cyprus spends far less on research and development than most other European Union countries, as just 0.85% of the Gross Domestic Product (GDP) or €184.8 mln, went into research


Cyprus R&D spending way below EU average

Cyprus allocates €103 per person for research and development, less than half the EU average of €244, according to data on government budget allocations for R&D. In 2021, the total government budget


Fiscal indicators improve despite COVID spending

Cyprus fiscal indicators improved in 2021, despite the government spending millions on furlough schemes and measures to support businesses to address the fallout from COVID-19 restrictions. The preliminary budget results prepared by