Tourist revenues for January 2004 recorded a sharp drop of 15.03% or £4 million compared to the corresponding month of 2003, while the total number of tourist arrivals for the same month fell by 5.08%.

For January 2004, the 56,504 tourists that visited Cyprus spent £21,786,812, while the 59,529 tourists that visited the island in January 2003 spent £25,639,140. With the latest development, tourist revenues for January 2004 have returned to the levels of January 2002, when 54,067 tourists had visited the island, spending £21,580,893.

It is noted that tourism contributes 1/5 to the Cyprus GDP. Total tourist revenues for 2003 dropped by 10% compared to 2002, while tourist arrivals showed a decline of 5%.

British tourist arrivals had recorded a sharp drop in 2003, however the Greek and German tourist arrivals managed to offset the negative impacts.