According to CYSTAT data released on Wednesday, tourist revenues for August 2004 slumped 10.4% to £148.1 million against £165.3 million in the corresponding month of 2003.
In January – August, tourist revenues recorded a decline of 4.9% to £653.3 million compared to £687 million in the corresponding period of 2003.
On his statements to StockWatch, CTO Chairman, Fotis Fotiou admitted that there is an obvious “pressure on revenues”. Last-minute reservations push the tourist revenues in a time when tour operators push for better prices after the promotion of other tourist destinations in the region. Mr. Fotiou, however, was unable to estimate the development of the tourist revenues for 2004.
On the question whether current conditions could be reversed in 2005, Mr. Fotiou expressed his optimism that the adoption of the CTO Strategic Plan will affect positively tourism in 2005.
In January – August, tourist revenues recorded a decline of 4.9% to £653.3 million compared to £687 million in the corresponding period of 2003.
On his statements to StockWatch, CTO Chairman, Fotis Fotiou admitted that there is an obvious “pressure on revenues”. Last-minute reservations push the tourist revenues in a time when tour operators push for better prices after the promotion of other tourist destinations in the region. Mr. Fotiou, however, was unable to estimate the development of the tourist revenues for 2004.
On the question whether current conditions could be reversed in 2005, Mr. Fotiou expressed his optimism that the adoption of the CTO Strategic Plan will affect positively tourism in 2005.
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