Local tourism revenues fall 4.1 %

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Local tourism revenues fell 4.1 percent in the key holiday sector during the first nine months of 2008, official figures have showed.

In September alone, revenues dipped 5.9 percent to €247million from €253million a year earlier.

In the January-September period, revenues decreased to €1.47billion from €1.53billion a year earlier.

The average daily spending by tourists was €79.8 in September, and the average stay was 10.2 days.

The biggest spenders were Dutch visitors, splashing out €108.9 a day, followed by the Irish on €108.5.

Bumper tourism revenues helped the Mediterranean resort island achieve GDP growth of 4.4 percent last year.

Due to concerns the global credit squeeze will trigger lower tourism revenues the finance ministry has revised its GDP growth forecast downwards from 3.7 percent to three percent in 2008.

Tourism contributes nearly 15 percent to Cyprus’s GDP.

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