Tourism Revenue in Cyprus Reaches Pre-Pandemic Levels

Tourism revenue in Cyprus approaches pre-pandemic levels

Approximately, 20% of the Republic of Cyprus GDP is generated by tourism-related activities. Prior to COVID-19, Cyprus had 3 years of consistently breaking records with annual visitor arrivals of 4 million tourists.

In 2020 COVID-19 travel restrictions caused a decrease on tourist arrivals by almost 90%. However, this number improved in 2021 and have so far indicated an extreme increase to date for 2022.

According to a report published by the Cyprus Statistical Service (Cystat), Cyprus’ tourism revenues for the period between January – November 2022 are estimated to have reached to €2.3 billion, approaching pre-pandemic levels.

Cyprus tourism

This represents a notable improvement over the figure from 2021 for the same period, when tourism revenues amounted to €1.45 billion, as well as the pandemic-plagued 2020, when severe travel restrictions led to a sum of €382.9 million being generated from tourism.

For the same period in 2019, which is regarded as a record year for Cypriot tourism, revenues reached to €2.62 billion.

Furthermore, 149,857 visitors arrived in November 2022. The average duration of stay of tourists in Cyprus was 9 days. And, finally, the daily expenditure for each tourist was €71.49, while the per capita expenditure per tourist was €643.38.

Even though tourist arrivals have not yet reached pre-COVID-19 levels, they are steadily showing year-on-year growth.

Cyprus Tourism Industry

Cyprus as one of the most popular tourist destinations, is a fascinating island with stunning natural scenery and interesting historical sites that offers opportunities for successful investments in the island’s hospitality sector. Cyprus’ Mediterranean environment, stunning landscape, lovely beaches, countless historical and cultural sites, traditional hospitality, and vibrant cuisine all offer a great foundation for the industry’s further growth.

In order to upgrade Cyprus tourism infrastructure, the Deputy Ministry of Tourism is re-evaluating the country’s tourism strategy to pursue new markets. Furthermore, several projects have been implemented in this regard. such as Europe’s largest casino resort, and the Larnaca marina and port redevelopment, following the Limassol marina mixed-use development.

Cypriot tourism has received numerous awards, including listing among Global Top 100 Sustainable Destinations. Despite being primarily a “sun and sea” destination, Cypriot officials are aiming to diversify investment in new sectors such as medical, sports, and wellness tourism.

Cyprus offers several advantages in this area, including a strategic location, growing air connectivity, moderate Mediterranean weather, having high-standard hospitals, clinics with internationally educated doctors and personnel, and near-universal use of the English language.