Fever Tourists are spending more-Cyprus
Holidaymaker spent more on the island last month despite a 3.3% fall in arrivals during January.
According to official data, revenue from tourism reached euro29.8m in January compared to euro29.7m in the same month last year , recording an increase of 0.4%.
Nevertheless , tourism income for January is still down 15.6% on 2008 levels.
Cyprus tourism revenue in 2010 improved 3.8% on a year earlier; boosting confidence the key sector can consolidate the island’s fledgling economic recovery. Revenue for January to December 2010 reached euro1.54b compared with euro1.49b for 2009.
It dropped in 2009 from euro1.79b in 2008 and euro1.85b in 2007.
Income from tourism accounts for 12% of Cyprus’s gross domestic product.
The average daily amount spent by tourists in January was euro63.5 and the average stay was 10.6 days.
Israelis were the biggest spenders at an average euro125.5 a day, while the recession-hit Irish were the most frugal, spending just euro34.7.
Holidaymakers to Cyprus hit a high of 2.69 million in 2001 spending a record euro2.17.
Banking on improved tourism income, the government predicts the economy will grow by around 1.5% in 2011 after kicking off an unprecedented year-long recession in 2009.
GDP growth figures for 2010 are expected to be 0.9% after the economy reversed 1.7%.
Cyprus is trying to reduce a fiscal deficit that was almost double the EU’s permitted ceiling of three percent last year.
The government has raised taxes and cut spending in efforts to bring the deficit below 4% this year as mandated by Brussels.







