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Cyprus Prepares For Record-Breaking Tourist Arrivals in 2024

by THEFUTURE.TEAM

November 25, 2024

According to Deputy Minister of Tourism Kostas Koumis, Cyprus is on track to surpass its record-breaking tourist arrivals from 2019. Addressing the Parliamentary Finance Committee on Friday during the budget review for the Deputy Ministry, Koumis highlighted the island’s impressive tourism performance and optimistic projections for 2024.

Tourist arrivals for January to October 2024 have already outpaced previous years, with a 4.6% increase compared to 2023 and a 0.8% rise compared to 2019. 3.7 million visitors were recorded during this period, marking the best ten-month performance in Cyprus’ history. Additionally, tourism revenue from January to August grew by 4.6% year-on-year, demonstrating the sector’s robust recovery.

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The growth has been remarkable over a two-year span, with arrivals increasing by 26.7% and revenues climbing 31.2% compared to 2022. Tourism’s contribution to GDP has also grown significantly, rising from 10.9% in 2023 to an estimated 13.5% in 2024.

While per capita expenditure remained stable at €769, and daily spending slightly increased from €89 in 2023 to €90 in 2024, the average length of stay decreased to 8.56 days compared to 9.59 days in 2022. European markets have driven much of this growth, with notable increases in visitors from the UK, Germany, France, Finland, Poland, Switzerland, and Eastern European countries.

Koumis emphasized the government’s dedication to upgrading the country’s tourism sector, citing sustainability as a core focus for future development. “The Deputy Ministry’s 2025 budget reflects our commitment to enhancing Cyprus as a destination while transitioning to a model that prioritizes sustainability,” he stated, adding that the increased budget allocation underscores the strategic importance of tourism to the island’s economy.

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Cyprus Emerges As A Leading Household Consumer In The European Union

by THEFUTURE.TEAM

June 30, 2025

Overview Of Eurostat Findings

A recent Eurostat survey, which adjusts real consumption per capita using purchasing power standards (PPS), has positioned Cyprus among the highest household consumers in the European Union. In 2024, Cyprus recorded a per capita expenditure of 21,879 PPS, a figure that underscores the country’s robust material well-being relative to other member states.

Comparative Consumption Analysis

Luxembourg claimed the top spot with an impressive 28,731 PPS per inhabitant. Trailing closely were Ireland (23,534 PPS), Belgium (23,437 PPS), Germany (23,333 PPS), Austria (23,094 PPS), the Netherlands (22,805 PPS), Denmark (22,078 PPS), and Italy (21,986 PPS), with Cyprus rounding out this elite group at 21,879 PPS. These figures not only highlight the high expenditure across these nations but also reflect differences in purchasing power and living standards across the region.

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Contrasting Trends In Household Spending

The survey also shed light on countries with lower household spending levels. Hungary and Bulgaria reported the smallest average expenditures, at 14,621 PPS and 15,025 PPS respectively. Meanwhile, Greece and Portugal recorded 18,752 PPS and 19,328 PPS, respectively. Noteworthy figures from France (20,462 PPS), Finland (20,158 PPS), Lithuania (19,261 PPS), Malta (19,622 PPS), Slovenia (18,269 PPS), Slovakia (17,233 PPS), Latvia (16,461 PPS), Estonia (16,209 PPS), and the Czech Republic (16,757 PPS) further illustrate the disparate economic landscapes within the EU. Spain’s figure, however, was an outlier at 10,899 PPS, suggesting the need for further data clarification.

Growth Trends And Economic Implications

Eurostat’s longitudinal analysis from 2019 to 2024 revealed that Croatia, Bulgaria, and Romania experienced the fastest annual increases in real consumer spending, each growing by at least 3.8%. In contrast, five member states, with the Czech Republic experiencing the largest drop at an average annual decline of 1.3%, indicate a varied economic recovery narrative across the continent.

This comprehensive survey not only provides valuable insights into current household consumption patterns but also offers a robust framework for policymakers and business leaders to understand economic shifts across the EU. Such data is integral for strategic decision-making in markets that are increasingly defined by evolving consumer behavior and regional economic resilience.