Cyprus tourism revenue up 2.7 percent in August

Cyprus tourism revenue in the peak month of August was up 2.7 percent on a year earlier, boosting confidence the sector can help the island further out of recession, official figures showed on Friday.

Revenue for August reached 241.1 million euros compared with 234.8 million euros for the same month a year earlier.

Income for the first eight months rose 1.7 percent to 1.05 billion euros from 1.03 billion euros over the same period last year.

The average daily amount spent by tourists in August was 71.3 euros and the average stay was 11.1 days.

Austrians were the biggest spenders at an average 103.40 euros a day, while the recession-hit Greeks were the most frugal, spending just 41.60 euros.

Income from tourism accounts for nearly 12 percent of Cyprus's gross domestic product. It dropped to an estimated 1.49 billion euros last year from 1.79 billion euros in 2008 and 1.85 billion euros in 2007.

Tourist arrivals improved 1.3 percent during the first nine months of 2010, the figures showed.

Arrivals until the end of September reached 1.77 million against 1.754 million during the same period last year.

The increase was boosted by a 4.7 percent surge in holidaymakers in September, reaching 289,126 compared with 276,178 in the same month in 2009.

More visitors from Russia and Germany helped bolster last month's arrivals. There was a 60.8 percent jump in arrivals from Russia and a 22.3 percent increase from Germany.

Russia is being targeted as a market with a huge growth potential underscored by a landmark visit to the island last week by Russian President Dmitry Medvedev.

However, there was a 6.2 percent decrease in British tourists - the island's largest source of holidaymakers - and a 2.9 percent dip from Sweden.

In 2009, arrivals plunged 10.9 percent to 2.14 million - the lowest level since 1997.

The recession in Europe has taken its toll on Cyprus, whose Gross Domestic Product contracted by 1.7 percent in 2009, its worst performance since 1974.

But the government predicts the economy will grow by at least 0.5 percent this year after kicking off an unprecedented year-long recession.

Finance Minister Charilaos Stavrakis told reporters on Friday that better than expected revenue from tourism and the service sector could produce a final growth figure of 0.8 percent.

Cyprus is trying to reduce a fiscal deficit that ballooned to 6.1 percent of GDP last year - double the EU's permitted ceiling of three percent.

The European Commission has put the island's finances on fiscal watch after the deficit breached the three percent barrier and Cyprus has until 2012 to get back within it.

Have you tried new the Independent Digital Edition apps?
Travel
ebookHow to enjoy the perfect short break in 20 great cities
Independent Travel Videos
Independent Travel Videos
Simon Calder in Amsterdam
Independent Travel Videos
Simon Calder in Giverny
Independent Travel Videos
Simon Calder in St John's
Independent Travel Videos
Latest stories from i100
Have you tried new the Independent Digital Edition apps?
Independent Dating
and  

By clicking 'Search' you
are agreeing to our
Terms of Use.

ES Rentals

    iJobs Job Widget
    iJobs Travel

    Recruitment Genius: Senior Bid Writer

    £25000 - £34000 per annum: Recruitment Genius: With offices in Manchester, Lon...

    Recruitment Genius: Membership Sales Advisor - OTE £20,000 Uncapped

    £15000 - £20000 per annum: Recruitment Genius: The fastest growing fitness cha...

    Guru Careers: Marketing Manager / Marketing Communications Manager

    £35-40k (DOE) + Benefits: Guru Careers: We are seeking a Marketing Communicati...

    Guru Careers: Membership Administrator

    £23K: Guru Careers: We're seeking an experienced Membership Administrator, to ...

    Day In a Page

    On your feet! Spending at least two hours a day standing reduces the risk of heart attacks, cancer and diabetes, according to new research

    On your feet!

    Spending half the day standing 'reduces risk of heart attacks and cancer'
    Liverpool close in on Milner signing

    Liverpool close in on Milner signing

    Reds baulk at Christian Benteke £32.5m release clause
    With scores of surgeries closing, what hope is there for the David Cameron's promise of 5,000 more GPs and a 24/7 NHS?

    The big NHS question

    Why are there so few new GPs when so many want to study medicine?
    Big knickers are back: Thongs ain't what they used to be

    Thongs ain't what they used to be

    Big knickers are back
    Thurston Moore interview

    Thurston Moore interview

    On living in London, Sonic Youth and musical memoirs
    In full bloom

    In full bloom

    Floral print womenswear
    From leading man to Elephant Man, Bradley Cooper is terrific

    From leading man to Elephant Man

    Bradley Cooper is terrific
    In this the person to restore our trust in the banks?

    In this the person to restore our trust in the banks?

    Dame Colette Bowe - interview
    When do the creative juices dry up?

    When do the creative juices dry up?

    David Lodge thinks he knows
    The 'Cher moment' happening across fashion just now

    Fashion's Cher moment

    Ageing beauty will always be more classy than all that booty
    Thousands of teenage girls enduring debilitating illnesses after routine school cancer vaccination

    Health fears over school cancer jab

    Shock new Freedom of Information figures show how thousands of girls have suffered serious symptoms after routine HPV injection
    Fifa President Sepp Blatter warns his opponents: 'I forgive everyone, but I don't forget'

    'I forgive everyone, but I don't forget'

    Fifa president Sepp Blatter issues defiant warning to opponents
    Extreme summer temperatures will soon cause deaths of up to 1,700 more Britons a year, says government report

    Weather warning

    Extreme summer temperatures will soon cause deaths of up to 1,700 more Britons a year, says government report
    LSD: Speaking to volunteer users of the drug as trials get underway to see if it cures depression and addiction

    High hopes for LSD

    Meet the volunteer users helping to see if it cures depression and addiction
    German soldier who died fighting for UK in Battle of Waterloo should be removed from museum display and given dignified funeral, say historians

    Saving Private Brandt

    A Belgian museum's display of the skeleton of a soldier killed at Waterloo prompts calls for him to be given a dignified funeral