ECONOMY

Cyprus tourism revenue fell in 2014 for first time since 2009

Recession-hit Cyprus recorded a 2.8 percent drop in tourism revenue last year in the first decline since 2009, official data showed on Friday.

Income fell to 2.02 billion euros from 2.08 billion in 2013.

That came despite a 1.5 percent rise in arrivals for the year and a 16.1 percent spike in December revenues from 37.6 million euros that month in 2013 to 43.7 million.

Israelis were the biggest spenders in December at an average of 155.80 a day, while Finns were the most frugal at 25.20 euros.

Income from tourism accounts for around 12 percent of Cyprus’s GDP and is credited for ensuring Nicosia did not suffer a double-digit recession as first feared.

[AFP]