Cyprus tourism revenue falls by 88.5% in January – July 2020

Updated: Oct 20, 2020

According to the Statistical Service of Cyprus, revenues from tourism in Cyprus fell by by € 1.26 bln (88.5%) during the first seven months of the year compared to the same period in 2019. The fall in revenue is directly related with the flight restrictions and COVID Pandemic measures.

Nicosia, Cyprus: 29 September 2020

The Statistical Service provides data for revenue from tourism month by month, except April and May of 2020. This clearly shows the decline in revenues from tourism in the first seven month of the year if compared to the same period in 2019.

Source: Statistical Service of the Republic of Cyprus

There was a slight increase of 1.5% in revenue from tourism in January of 2020 when compared to January 2019. February faced a decrease of 5.5% and in March 2020, revenue from tourism fell by 73.5% when compared to the same month last year. Revenue from tourism decreased dramatically by 98.1% in June 2020 and by 89.9% in July compared to the same period in 2019.

The Statistical Service also released data on industrial output. For January to July, the Industrial Production Index fell by 10.3% compared to the same period in 2019.

Navigator Consulting has been reporting extensively on the risks and impacts of COVID-19 on the tourism sector in Cyprus. We support clients restructure their operations to prepare for COVID-19 and wider unfolding risks and opportunities in the region.

For further information, please contact:

Philip Ammerman

Managing Director

info@navigator-consulting.com

Sources:

Tourism revenue falls 88.5% in first seven months

CyprusMail. 29 September 2020

Statistical Service of the Republic of Cyprus

29 September 2020

Greek Tourism Revenue decreases by 86% in January-July 2020

Navigator Consulting. 22 September 2020

DBRS Morningstar outlines COVID-19 Economic Risks to Tourism in Cyprus