The recent boost in tourism has created positive ripples throughout the Cypriot economy, and the authorities and regulating bodies are no exception. Among a recent series of appreciation, Cyprus Tourism Organization (CTO) has expressed its positive views on tourist revenues in 2017.
According to a press release by the CTO, tourist arrival revenues for 2017 has reached € 347.2 million, going up by around 16%, when compared to 2016. The press release also added that Cyprus has reached record cumulative total revenue of one-billion (i.e. € 996.4 million tourists), an increase of a significant 19.9% from the previous year.
The press release also mentioned about increase in other avenues, such as travel expenditures for the January – June period. The CTO says that both increased daily expenses and due increase in the length of stay of the tourists amount for this statistic.
Nationality-wise, the biggest increase in the number of tourists has been from Russia, Germany and Israel – both in terms of increased daily expenses and average length of stay.