Property of the Month
3 Bedrooms Apartment
Price: € 80,000
Latest News In Cyprus
Best Year Since 2001
Bailed-out Cyprus recorded a 4.4 percent hike in key tourism revenue in 2015, the sector’s best earnings since 2001, official data showed on Monday. Total tourism income on the Mediterranean holiday island reached 2.11 billion euros last year from 2.02 billion euros in 2014. The increase was fueled by a decade-high surge of 2.1 million tourist arrivals in 2015 – a jump of 8.9 percent on the previous year.Revenues for the month of December alone increased 20.4 percent from 43.7 million euros in 2014 to 52.6 million.Lebanese were the biggest spenders in December at an average 136.74 euros a day, while the Swedes were the most frugal at 31.14 euros.Income from tourism accounts for around 12 percent of the EU state’s GDP and is credited for ensuring that Nicosia did not suffer a double-digit recession post-bailout as initially feared
Russian Tour Operator Plans Cyprus Boost
Giant Russian tour operator OTI is planning to bring more than 35,000 tourists to Cyprus in 2016 via its subsidiaries Coral Travel and Sunmar Tours, it announced on Tuesday. In Cyprus, the company, which has included Cyprus for the first time in its programmes, is represented by Louis travel. “Already last December and for the whole winter season,” a statement said, “the Russian tourist giant started sending tourists to Cyprus on a regular basis. It is expected that in 2016, Coral Travel will bring more than 35,000 tourists to the island. The flights it has launched will connect Cyprus with the eight largest cities of the Russian Federation and at the same arrivals from Ukraine, Belarus and Poland are planned.” The OTI group employs more than 7,000 people. Apart from offering tour operator services, the company owns the nine hotels of the luxury chain Otium and the airline Royal Flight with eight planes. According to the press release, Coral Travel is present in six countries including Greece and with Sunmar Tours served 5.5 million tourists in 2015.
More Positive Economic News in Cyprus as Economy Grows
Τhe GDP growth rate of Cyprus economy rose at the highest level in recent years in the fourth quarter of 2015, according to figures released Thursday by the Statistical Service of Cyprus. Τhe GDP growth rate in real terms during the fourth quarter of 2015 is estimated at 2.5% over the corresponding quarter of 2014. Based on seasonally and working day adjusted data, GDP growth rate in real terms is estimated at 2.7%. Growth in the Eurozone in the fourth quarter of 2015 was 1.6% and the 1.8% in the EU 28. This is the highest growth rate recorded in Cyprus since 2008.
On a quarterly basis GDP grew in the fourth quarter of 2015 by 0.4% compared with the third quarter. The average growth rate for 2015 reached 1.6%. The increase of the GDP growth rates is mainly attributed to the sectors: "Hotels and Restaurants", "Professional, Scientific and Technical Activities", "Retail and Wholesale Trade", "Manufacturing", "Construction", "Transport" as well as the "Financial Service Activities".