Revenue from tourism rises by 15% in February

Revenue from tourism returned to growth in February, following the annual reduction shown in the previous month.

According to data released by the Statistical Service of Cyprus (CyStat), on the results of the Passengers Survey, tourism revenue amounted to €65.1 mn in February 2024 compared to €56.6 mn in the corresponding month of the previous year, recording an increase of 15%.

For the period of January – February 2024, revenue from tourism is estimated at €110.3 mn compared to €102.2 mn in the corresponding period of 2023, up by 7.9% year on year.

According to CyStat, the average expenditure per person was €521.01 in February 2024 compared to €475.39 in February 2023, recording an increase of 9.6%.

Tourists from the United Kingdom (the largest tourist market with 24.6% of the total tourists in February 2024) spent on average €63.37 per day, while tourists from Poland (the second largest market during the specific month with 13.3% of the total tourists) spent on average €69.87.

Tourists from Israel (the third largest market with 10.6%), spent on average €113.36 per day, Cystat said.

According to the Deputy Ministry for Tourism last year revenue from tourism marked a new historic record approaching €3 billion, marking a nominal annual increase of 22.6% and 18.4% net of inflation.