Insider Economy Tourist revenues plunge by 87.3% in January – August

Tourist revenues plunge by 87.3% in January – August

Revenue from tourism in Cyprus amounted just to €235.6 million for the period of January – August 2020, marking a steep reduction amounting to 87.3% year on year, as the tourism sector was hit the hardest by the coronavirus pandemic.

According to data released by the Cyprus Statistical Service (Cystat) revenue from tourism for the period of January – August 2020, is estimated at €235.6 mn compared to €1,857 mn in the respective period of 2019, recording a decrease of 87.3%.

Tourist arrivals in January – August 2020 plunged by 84% to 424,650 compared with 2.7 million in the respective period of 2019. The Cypriot tourist sector was heavily affected following the measures taken by the Cypriot government to contain the spread of the coronavirus pandemic (COVID-19), including the ban of entry to Cyprus which was imposed on several categories of persons, including tourists, for the period 15/3-8/6/2020. As of 9/6/2020, a gradual easing of the travel restrictions to Cyprus was implemented, allowing arrivals from specific countries, according to the epidemiological risk categorisation issued by the Ministry of Health.

In August revenue from tourism were limited to €71.1 mn compared to €431.6 mn in August 2019, marking a decline of 83.5% year on year.

Compared with July 2020, revenue from tourism in August marked an increase of 67%.

The expenditure per person for August 2020 reached €681.81 compared to €779.31 in the corresponding month of the previous year, recording a decrease of 12.5%.

Daily expenditure per person for August 2020 compared to August 2019 recorded a decrease of 36.8% (from €78.72 to €49.77), Cystat added.

(CNA)

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