NewsLocalDespite loss of Russian market, Cyprus' tourism revenue this year is up

Despite loss of Russian market, Cyprus’ tourism revenue this year is up

Despite the loss of the Russian market, Cyprus’ increased tourist flow compared to last year has also pushed up tourism revenue.

In fact,  in the first five months this has exceeded half a billion euros, recording an annual increase of 341%, Philenews reported on Tuesday.

And in relation to 2019, tourist arrivals in the first five months of this year are only 100 million euros down, or in percentage they are 17% less. Otherwise, the performance in terms of tourism revenue is estimated at 83% of that of 2019.

The decrease in tourism revenue compared to 2019 is clearly smaller than that recorded by tourist arrivals in the same period.

Specifically, the Statistical Service calculates the first five months’ tourist visits at 849,058 compared to 1,121,361 in the first five months of 2019. The decrease amounts to 24.3%.

The above indicates that the expenditure of tourists has also increased this year.

Based on the results of the Statistical Service’s  Traveler Survey released on Monday, tourism revenue in May 2022 reached €221 million compared to €76.7 million recorded in May 2021.

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