According to CYSTAT data released on Tuesday, total tourist revenues in February 2005 tumbled 7.6% to £23.5 million against £25.4 million in the corresponding month of 2004. This drop is largely attributable to the drop in the tourist arrivals by 4.1%. For January – February 2005, tourist revenues slumped 6.4% to £44.2 million against £47.2 million in the corresponding period of 2004.

Invited to comment on the latest developments, Manager of the Association of Cyprus Tourist Enterprises, Fedias Karis told StockWatch that the parameters are moving towards the opposite direction. “So far, we have not convinced tourists that our tourist product has been improved significantly”, he said.

“This is mostly attributable to the complexity of the bureaucratic procedures required for infrastructure projects. Cyprus’ attractiveness has been undermined by the burdening of the natural environment. Part of the tourist revenues must be used for the protection of the environment”, Mr. Karis concluded.