Rise in the tourist revenue and the budget according to Alpha Bank.
The tourist revenue in Cyprus has risen to 2.1% (on an annual basis) in September, according to the financial newsletter of Alpha Bank. Specifically, they have risen to €378,8 million from €371,0 million in September 2017. Also, the arrivals of tourists have risen to 7.5%, on an annual basis and have reached to 520,138 people from 438,716 in September 2017. In contrast, the revenues per day were on a lower level to €76,66 from €79,06 in September 2017, as well as the revenues per person to €728,23 from €766,89 in September 2017.
Regarding the budget, according to the financial newsletter, surplus has risen to 72,1%, on an annual basis, in the first ten months, and as a result it has risen to €852,8 million (4,1% of GDP) from €495,4 million (2,5% of GDP) of the first ten months of 2017. The expansion of the surplus resulted from the higher increase of the revenue in comparison to the expenses.
More analytically, the revenues of the budget were higher 8,5%, on an annual basis, mainly due to the rise of the income from the VAT and the contributions to the social insurance. Simultaneously, the expenses of the budget have risen to 2,8%, on an annual basis, mainly as a result of the higher costs of payrolls and social welfare.