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’ 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
In Cyprus, spending on food and non-alcoholic beverages is 14.1% of total expenditure –close to the EU average — and 9.2% of GDP. In 2021, European Union households spent over €1035 bln
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
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 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
Cypriot consumers are becoming increasingly conservative in their shopping habits, chasing discounts while opting for cheaper products, say retailers. The change in consumer psychology comes amid the highest wave of inflation in
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
October 2021 was the most profitable October for the tourism sector as income from tourists holidaying on the island hit an all-time high for the month. According to data by the Cyprus
Parliament unanimously approved the 4th supplementary budget submitted by the government for financing measures to battle the pandemic. The law provides for additional grants of €91.7 mln for expenditure to mitigate the
