After the significant increase of 12.5% in tourist arrivals, the Statistics’ Service announced on Wednesday that tourist revenues in April recorded a sharp increase of 20.2%. The Cyprus Tourism Organization expressed its satisfaction for the overturning, while PASYXE welcomed the pleasant development. According to CYSTAT data, tourist revenues in April stood at £74.5 million against £62 million in the corresponding month of 2005.

It is worth noting that the tourist revenues in January-April 2006 showed an increase of 2.5% to £157.6 million against 153.7 million in the corresponding period of 2005.

The gap between the increase in tourist arrivals and revenues has been maintained. The fact that the revenues have the lead proves that the average spending per tourist has increased.

CTO criticizes PASYXE

Invited by StockWatch to comment on the latest figures, CTO Chairman, Fotis Fotiou expressed his content but appeared sharp with PASYXE, which “tried to annihilate all attempts in the past two years”.

Despite the drop in tourist arrivals in the first four months of 2006, the revenues have increased. This entails that the spending per tourist has increased. This increase exceeds the increase in prices due to inflation”, Mr. Fotiou stated.

“We managed to attract quality tourism, the target of our Strategic Plan. This was achieved with hard work on behalf of the CTO and the other organizations of the tourist industry. The results are tangible”, he added.

Z. Ioannides: Who absorbed the additional revenues?

On the other hand, PASYXE welcomed the positive development but was puzzled on the absorbance of the additional revenues.

“The hoteliers have not ‘felt’ the additional revenues. It is likely that they were absorbed by the illegal hotel industry”, PASYXE General Manager, Zaharias Ioannides concluded.