The decline in tourist arrivals for March 2003 was greater than expected (30%), as according to the CYSTAT latest estimates it reached 33.9%

Tourist arrivals for March totaled 91,634, while for the first quarter of 2003 they reached 229,136 (-13.4% compared to 2002).

This decline, however, is not entirely attributable to the war in Iraq, as, last year's increase is partly due to the 'early' Catholic Easter as well as a number of Israeli football matches that took place in Cyprus. It is noted that tourist arrivals for March 2002 reached 138,725 against 71,950 in February and 54,067 in January, whereas according to CYSTAT data, tourist arrivals for April amounted to 180,481.

Meanwhile, unemployment for March fell from 4.1% to 3.8%, while there has been a seasonal decrease in unemployment in the tourist sector. In the hotel and restaurant sectors, the decline in unemployment for the current year is slight.

It is worth mentioning that the number of the registered unemployed at the end of March 2003 fell to 12,650 persons (-866 persons) compared to February 2003, while the highest number of unemployed workers is recorded in the hotel and restaurant sectors.