According to CYSTAT data released on Monday, tourist arrivals for June 2004 showed an increase of 1% to 264.799 compared to 262.100 in the corresponding month of 2003. Although it was somehow anticipated that June would be a tough month due to the Euro 2004, tourist revenues were not positive, taking into account that by May 2004 they showed an increase of 2.5% compared to the corresponding period of 2003, despite the increase in tourist arrivals by 10.5%.

This increase in tourist arrivals was mostly attributable to the increased arrivals from the UK (3.6%), Germany (35.9%), Greece (31.5%), Switzerland (14.8%) and other countries (5.9%). On the other hand, tourist arrivals from Sweden (20.7%), Russia (15.1%), Ireland (39.1%) and Norway (26.4%) recorded a drop.

The total number of tourist arrivals for the first half of 2004 reached 961,852 compared to 892,655 in the corresponding period of 2003 (+7.8%). It is noted that tourist arrivals for the first half of 2003 had recorded a sharp drop due to the war in Iraq and SARS.

“June has always been a tough month and we are satisfied with this small increase in tourist arrivals”, a CTO officer told StockWatch.

Similarly, permanent Secretary of the Tourist Agents Association, Thanos Katsourides told StockWatch that this small increase in tourist arrivals was anticipated due to the Euro 2004. On the question concerning the expectations on tourist revenues, Mr. Katsourides said that the prices of the tourist packages are pressured due to the strict competition and the last-minute reservations.

PASYXE General Manager, Zacharias Ioannidis said that the 1% increase in tourist arrivals is not “very pleasant”. “It is likely that the tourist revenues will shake economy”.

Comparing the June 2004 tourist arrivals with those of June 2001, Mr. Ioannidis said that they have dropped by 18%.