Cyprus’s tourism revenue grew by 5.5% in the first quarter of 2024, reaching €440.7 million, showcasing the country’s rising appeal in the sector. Additionally, the government reported a fiscal surplus of 1.9% of GDP, marking a notable improvement and highlighting Cyprus’s economic resilience.
What is the growth in tourism revenue for Cyprus in the first quarter of 2024?
Cyprus’s tourism revenue grew by 5.5% in the first quarter of 2024 compared to the same period in 2023, with earnings reaching €440.7 million. April’s individual tourist expenditure also increased by 2.6%, reflecting the country’s rising appeal in the tourism sector.
Tourism Revenue Sees Growth
In the fresh light of economic data, Cyprus has witnessed a steady increase in its tourism sector earnings. The figures for the first quarter of 2024 report a rise of 5.5% compared to the same period in 2023. This upswing, although modest, signifies a positive momentum for the island nation’s tourism industry, as detailed by the Cyprus Statistical Service. Following the latest trends, April 2024’s tourism revenue amounted to €217.4 million, nearly mirroring the previous year’s figures, with just a slight 0.1% dip from €217.6 million.
The cumulative gains from January through April have been noteworthy, with revenue hitting €440.7 million, an uptick from €417.6 million year-on-year. Tourists in April didn’t hold back on spending either, with a per capita expenditure of €651.69, showing a healthy 2.6% increase from €634.89 in April 2023. These numbers not only showcase Cyprus’s enduring appeal but also hint at the resilience and potential for growth in its tourism sector.
Fiscal Surplus and Legislation Initiatives
Economic resilience seems to be the theme for Cyprus, as the government reported a fiscal surplus that rose to 1.9% of GDP between January and May 2024, a notable improvement from the 1.1% surplus in the previous year. This translates into a significant surplus of €590.6 million, credited to an increase in revenues, particularly from taxes and social contributions. A detailed breakdown shows total revenues surged by 14.9%, marking an increase in the inflow of an additional €700.8 million, achieving a strong figure of €5.39 billion.
In a move to further strengthen its financial services, Cyprus’s House of Representatives is gearing up to discuss new legislation after the summer recess, targeting the establishment and operation of collective investment organisations. The legislation is intended to add a new layer of services for managing collective investments, thereby enhancing the sector’s specialization. While some stakeholders have expressed concerns over particular provisions, the support for the draft is solid, emphasizing Cyprus’s ambition to evolve into a financial hub with robust and transparent laws.
Tourism and Employment Figures
Cyprus’s tourism industry has shown impressive performance with a 20.1% increase in arrivals during 2023, reaching over 3.8 million visitors. Paphos, a coastal city known for its archaeological sites, welcomed more than a third of these tourists. The overall revenue from tourism also surged by 22.6%, amounting to a robust €2.99 billion. This growth is mirrored in the statistics of Cypriots traveling abroad which saw a 33.4% increase, reflecting a burgeoning interest in international travel among residents.
This buoyancy extends to the job market as well. The first quarter of 2024 saw the average gross monthly earnings of employees climb by 5.7%, reaching €2,378. The growth is consistent across genders, with men’s earnings estimated at €2,564 and women’s at €2,145, indicating a persistent but gradually narrowing gender pay gap. Cyprus’s commitment to fair compensation is evident in these positive trends in wages.
Real Estate and Stock Exchange
The real estate sector in Cyprus is not left behind, with the top ten most expensive property sales soaring to over €39 million in May 2024. Limassol, known for its cosmopolitan vibe and luxury developments, tops the list with the single most expensive transaction valued at €17.65 million. The real estate market across Cyprus shows a dynamic pattern, with notable high-value transactions hinting at the country’s appeal to investors.
In contrast, the Cyprus Stock Exchange (CSE) faced a slight setback, with the general index dipping by 0.04% on July 1. Despite the marginal decline, the engagement in specific shares like the Bank of Cyprus, Hellenic Bank, and Demetra reflects investor interest in the market’s diverse sectors. The nuanced performance of sub-indexes, with some rising and others remaining stable, portrays an intricate picture of Cyprus’s financial environment.
What is the growth in tourism revenue for Cyprus in the first quarter of 2024?
Cyprus’s tourism revenue grew by 5.5% in the first quarter of 2024 compared to the same period in 2023, with earnings reaching €440.7 million. April’s individual tourist expenditure also increased by 2.6%, reflecting the country’s rising appeal in the tourism sector.
What is the fiscal surplus reported by the government of Cyprus for the first part of 2024?
The government of Cyprus reported a fiscal surplus of 1.9% of GDP between January and May 2024, showcasing a notable improvement from the previous year’s surplus of 1.1%. This surplus amounted to €590.6 million and was mainly credited to increased revenues from taxes and social contributions.
What new legislation is Cyprus’s House of Representatives discussing to strengthen financial services?
After the summer recess, Cyprus’s House of Representatives is set to discuss new legislation focused on the establishment and operation of collective investment organisations. This legislation aims to enhance the specialization of the financial services sector in Cyprus by adding a new layer of services for managing collective investments.
How did the job market in Cyprus perform in the first quarter of 2024?
In the first quarter of 2024, the average gross monthly earnings of employees in Cyprus increased by 5.7%, reaching €2,378. This growth was consistent across genders, with men’s earnings averaging €2,564 and women’s at €2,145, indicating a gradual narrowing of the gender pay gap.
