Cyprus tourism income drops first time in 5 years

Cyprus tourism income drops first time in 5 years
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Summary Income fell to 2.02 billion euros ($2.26 billion) from 2.08 billion euros in 2013.

NICOSIA (AFP) - Recession-hit Cyprus recorded a 2.8 percent drop in tourism revenue last year in the first decline since 2009, official data showed on Friday.

Income fell to 2.02 billion euros ($2.26 billion) from 2.08 billion euros in 2013.

That came despite a 1.5 percent rise in arrivals for the year and a 16.1 percent spike in December revenues from 37.6 million euros that month in 2013 to 43.7 million euros.

Israelis were the biggest spenders in December at an average of 155.80 a day, while Finns were the most frugal at 25.20 euros.

Following a 10-billion-euro bailout to save a crumbling economy and insolvent banks in March 2013, Cyprus is expected to return to growth this year after three years of harsh recession.

Although tourism revenue was down last year, the 2.08-billion-euro figure for the previous year was the best for a decade.

Holidaymakers hit a record high of 2.69 million in 2001, spending a record 2.17 billion euros.

Income from tourism accounts for around 12 percent of Cyprus s GDP and is credited for ensuring Nicosia did not suffer a double-digit recession as first feared.

 

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