Septem­ber record for tourism, ar­rivals up 15% y-o-y

Financial Mirror (Cyprus) - - FRONT PAGE -

Septem­ber saw a new monthly record in tourist ar­rivals, up 14.8% year-on-year, to 483,716, ac­cord­ing to the Pas­sen­gers Sur­vey of the Sta­tis­ti­cal Ser­vice Cy­s­tat.

For the nine-month pe­riod of Jan­uary to Septem­ber, to­tal ar­rivals reached 3,001,603, up from 2,617,218 this time last year, an in­crease of 14.7%.

Ar­rivals from the United King­dom were up 10.8% in Septem­ber com­pared to same month in 2016, with an in­crease of 6.2% for tourists from Rus­sia.

In­creases were also recorded from Is­rael (77.5%), Swe­den (15.1%) and Ger­many (65.5%). A 21.5% drop was rec­forded in tourist ar­rivals from Ukraine.

The United King­dom and Rus­sia ac­count for 34.3% and 25.1% of all ar­rivals, re­spec­tively, while ar­rivals from Is­rael com­prise 6.5%, Swe­den 4.6% and Ger­many 4.5%.

“To­day’s re­cov­ery is free from the two ba­sic dis­tor­tions that de­scribed the pre-cri­sis lev­els. That’s why growth rates be­fore the cri­sis have been de­scribed as false and un­sus­tain­able,” he said, adding that struc­tural re­forms have spared the econ­omy from the fun­da­men­tal dis­tor­tions ren­der­ing the eco­nomic model more sus­tain­able.”

Pro­ceeds from VAT, he said, with­out in­creas­ing the VAT rate, are sig­nif­i­cantly higher, con­tri­bu­tions to the So­cial Se­cu­rity Fund con­firm a grad­ual but sig­nif­i­cant im­prove­ment in the real econ­omy yield­ing an in­crease in pub­lic rev­enue that sur­passed the re­duc­tion of can­cel­la­tion of taxes re­alised this year, such as the tem­po­rary con­tri­bu­tion of em­ploy­ees both in the pub­lic and the pri­vate sec­tor.

Ge­or­giades noted that de­spite IMF pro­jec­tions that the debt to GDP ra­tio will de­cline be­low 100% in two years, Min­istry pro­jec­tions ex­pect debt to de­cline be­low the 100% mark in a few weeks time.

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