Tourism: Dramatic revenues decline/rise in tourist arrivals
20/11/2002 16:39
“It is too early to revise the estimates for GDP” the Ministry of Finance said to “SW”
It is too early to examine the possibility of revaluation of estimates with regard to GDP, as a result of the August’s revenues from tourism, said to Stockwatch the Manager of Economic study and European Union of the Finance Ministry, Andreas Charalambous.
Mr. Charalambous noted that according to current domestic economic data, the Ministry’s estimates over the growth rate of the economy do not need to change, stressing that last October tourist arrivals increased by 2.3%, compared to a decline of 6.8% and 19.6% for September and August respectively.
Mr. Charalambous also stressed that tourist arrivals for 2003 are expected to be encouraging.
It is noted that despite the increases in arrivals for October, tourist revenues reported a significant decline in August. Specifically, total revenues for August reached CYP 153,764.585 (-24.98%), while total revenues for the entire period reached CYP 759.925,411. Total corresponding percentage variation of the period amounted to CYP 14.33%.
Mr. Charalambous commented on the aforementioned contradiction between revenues and tourist arrivals saying that the revenues decline is attributable to the low prices of tourist packages offered by hotel owners. “This had happened before during 1991 (Gulf war)”, he said.
Positive climate in tourist arrivals
The tourist arrivals for last October (+2.3% compared to the corresponding period of 2001), as well as the decline of 6.8% and 19.65 for September and August have resulted to a total decline in tourist arrivals of 11.5% for the ten-month period between January and October against a decline of more than 13% within the first nine months of 2002.
Particularly, for October 2002 tourist arrivals in Cyprus reached 275.840 against 270.000 in October 2001, while total tourist arrivals for the ten-month period between January and October 2002 reached 2,225,840 against 2,515,144 within the corresponding period of 2001 (-11.5%).
If tourist arrivals continue to increase in November and December, then decline for 2002 is to coincide with the estimates of the Finance Ministry (9.5%), said Mr. Charalambous, stressing that the Ministry is in a constant examination - every three months – of the all macroeconomic indicators.
It is too early to examine the possibility of revaluation of estimates with regard to GDP, as a result of the August’s revenues from tourism, said to Stockwatch the Manager of Economic study and European Union of the Finance Ministry, Andreas Charalambous.
Mr. Charalambous noted that according to current domestic economic data, the Ministry’s estimates over the growth rate of the economy do not need to change, stressing that last October tourist arrivals increased by 2.3%, compared to a decline of 6.8% and 19.6% for September and August respectively.
Mr. Charalambous also stressed that tourist arrivals for 2003 are expected to be encouraging.
It is noted that despite the increases in arrivals for October, tourist revenues reported a significant decline in August. Specifically, total revenues for August reached CYP 153,764.585 (-24.98%), while total revenues for the entire period reached CYP 759.925,411. Total corresponding percentage variation of the period amounted to CYP 14.33%.
Mr. Charalambous commented on the aforementioned contradiction between revenues and tourist arrivals saying that the revenues decline is attributable to the low prices of tourist packages offered by hotel owners. “This had happened before during 1991 (Gulf war)”, he said.
Positive climate in tourist arrivals
The tourist arrivals for last October (+2.3% compared to the corresponding period of 2001), as well as the decline of 6.8% and 19.65 for September and August have resulted to a total decline in tourist arrivals of 11.5% for the ten-month period between January and October against a decline of more than 13% within the first nine months of 2002.
Particularly, for October 2002 tourist arrivals in Cyprus reached 275.840 against 270.000 in October 2001, while total tourist arrivals for the ten-month period between January and October 2002 reached 2,225,840 against 2,515,144 within the corresponding period of 2001 (-11.5%).
If tourist arrivals continue to increase in November and December, then decline for 2002 is to coincide with the estimates of the Finance Ministry (9.5%), said Mr. Charalambous, stressing that the Ministry is in a constant examination - every three months – of the all macroeconomic indicators.
3287.99
1275.09
