According to CYSTAT data released on Monday, tourist revenues for August 2003 soared 7.5% to £165 million compared to £154 million in the corresponding period of 2002, following the upward trend of the August tourist arrivals that surged 7.8%.

For January-August, tourist revenues recorded a drop of 9.6% against the drop of 14% for the period January-July 2003. Tourist revenues for January-August stood at £687 million against £760 million in the corresponding period of 2002, while tourist arrivals for the same period fell 6.7%.

The increase in August tourist revenues exceeded the FINMIN's expectations, which anticipated that the gap between the tourist arrivals and revenues will remain unchanged until the end of the year. The Ministry estimates that the drop in tourist arrivals and revenues will reach 5% and 10% by the end of the year respectively, whereas the gap between the tourist income and arrivals will be less than five percentage points, should this trend in tourist income continue.

The period September-October 2003 will contribute significantly to the final figures on the Cyprus tourism, although no indications are available at present, apart from a statement of the Tourism Minister, that the picture remains positive.

Tourist arrivals from Central Europe (Germany and Switzerland) will contribute to the prospects for the period September-October 2003 since they have disproportionate gravity to the total tourist arrivals. It is noted that the German and Swiss tourist arrivals for January-August 2003 have declined 32% and 45% respectively, while according to the AC Nielsen forecasts, the British reservations for November-March have dropped by 17%.