Insider Economy Cyprus economy benefits from increased foreign currency

Cyprus economy benefits from increased foreign currency

Tourist expenditure over the first months of 2019 appears to be steady or even on the decline but JCC data on the use of foreign cards in Cyprus presents a different story.

Specifically, Cyprus Statistics Service (CYSTAT) data shows tourist expenditure over the first four months of the year to be around €370 million. At the same time, JCC data has the purchase of goods and services with the use of foreign cards amounting to €373 million.

CYSTAT estimates tourists’ expenses after the completion of a questionnaire just when they leave the country, while JCC calculates purchases through the use of foreign credit cards.

Moreover, despite the fact that expenditure (ie the purchases) of tourists based on CYSTAT data appears to be slightly lower over the first four months of 2019, purchases with JCC foreign cards show a significant increase.

JCC data shows that purchases in Cyprus by individuals using foreign credit cards amounted to €292 million over the first four months of 2019. And if withdrawals from ATMs are also calculated, then the overall amount rises to €373 million for this period.

This indicates an annual increase of 22% for purchases with foreign credit cards and 19% for cash withdrawals. In contrast, purchases or expenses of tourists based on CYSTAT data for the same period were recorded to be about 1% lower.

JCC data shows that the use of foreign cards in Cyprus is on the rise, possibly because of an overall increase in the island’s population in recent years due to an inflow of residents from other countries.

There is an increased presence of a significant number of affluent third-country nationals due to the provision of a Cypriot passport based on the investment for citizenship scheme offered by the government.


Read more:

Top Stories

126 new cases, two deaths announced on Monday

The Health Ministry announced the death of two persons due to COVID-19. This raises the death toll from the virus in Cyprus to 188,...

Where to get antigen rapid tests on Tuesday, 26 January

The Health Ministry announced the following antigen rapid test sites for Tuesday, 26 January 2021:   LIMASSOL Church of Panagia Chrysaifyliotissa, Agia Fyla 08:30-16:30 Church of Panagia Evangelistria,...

Cyprus government aims at gradual lifting of restrictive measures

The Cyprus government aims at the gradual lifting of restrictive measures against the spread of COVID-19 in the context of a concrete plan, with...

Shot flamingo found in Paralimni lake

Birdlife Cyprus announced that a flamingo was found wounded in the Lake of Paralimni. Members managed to save the bird and take it to a...

Epidemiologists agree to include colchicine in treatment protocol

The scientific team of the Health Ministry is ready to include colchicine in the treatment protocol to face COVID-19, Konstantinos Tsioutis, assistant professor of...


Squash soup

Ingredients: 1 kg pumpkin, cut into small cubes, approximately 5 cups 2 medium (400g) sweet potatoes, cut into cubes, approximately 2 ½ cups 1 chopped leek, only...


No visit to Cyprus is complete without enjoying the traditional meal of many small dishes known as ‘meze’. This large feast, which has been a...

Prawns with fried cheese, barley shaped pasta

Put the barley shaped pasta into a small pan with salted water, bring to a boil and when tender, drain. Peal the prawns leaving...

Salmon and shrimp sheftalies

Mix all ingredients for tabbouli in a bowl and keep to one side so flavours can combine. Prepare the sheftalies: wash and soak the casing...