Insider Economy Revenue from tourism down by 73.5% in March

Revenue from tourism down by 73.5% in March

Revenue from tourism dropped by 73.5% in March 2020, according to the results of the Passenger Survey announced by the Statistical Service of Cyprus.

As of March 15, an entry ban was imposed in Cyprus on several categories of persons, including tourists, as part of the measures taken to prevent the spread of COVID-19.

Revenue from tourism reached €25.6 mn in March 2020 compared to €96.6 mn in the corresponding month of the previous year.

For the period of January – March 2020 revenue from tourism is estimated at €115.3 mn compared to €188.6 mn in the corresponding period of 2019, recording a decrease of 38.9%.

The expenditure per person for March 2020 reached €461.71 compared to €568.19 in the corresponding month of the previous year, recording a decrease of 18.7%.

The expenditure per person/per day for March 2020 compared to March 2019 recorded a decrease of 15.7% (from €68.46 to €57.71). A decrease of 3.6% was also recorded in the average length of stay, from 8.3 days in March 2019 to 8.0 days in March 2020.

The expenditure per person for the period of January – March 2020 reached €467.58 compared to €527.64 in the corresponding period of the previous year, recording a decrease of 11.4%. The expenditure per person/per day for the period of January – March 2020 compared to the period of January – March 2019 recorded a decrease of 4.6% (from €62.81 to €59.95).

As a result of the measures to prevent COVID-19 spread, the Passengers Survey, was only conducted until mid-March 2020. Due to the small sample size that was collected during this period, it was not possible to produce a more detailed analysis of the expenditure of tourists by country of residence.

(CNA)

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