InsiderEconomyRevenue from tourism plunge by 85% in 2020 as Covid decimates the...

Revenue from tourism plunge by 85% in 2020 as Covid decimates the tourism sector

Revenue from tourism in Cyprus plunged by an annual 85.4% in 2020 as Cyprus’ tourism sector was decimated by the Covid-19 pandemic.

According to the Passenger Survey carried out by the Statistical Service, for the period January – December 2020, revenue from tourism is estimated at €392,0 mn compared to €2.683,0 mn in the corresponding period of 2019, recording a decrease of 85,4%

In the last month of 2020, tourist revenue declined to just €9.1 mn compared to €54.6 mn in the corresponding month of the previous year, recording a decrease of 83,3%.

As Cyprus and the world enforced strict restrictions to contain the spread of the coronavirus pandemic, including travel bans, tourist arrivals plunged by 84% in 2020.

The disruption from the Covid pandemic reversed six consecutive years of increase in both arrivals and revenue. Revenue from tourist in 2020 declined to the lowest point since 1999 when CyStat’s data series began.

(CNA)

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