Tourism revenue increased by 5.5% in the first four months of 2024 compared to the same period in 2023, while April's revenue remained stable.

According to the Traveler Survey by the Cyprus Statistical Service, tourism revenue in April 2024 reached €217.4 million, showing a slight decrease of 0.1% compared to April 2023 (€217.6 million).

For the period January to April 2024, tourism revenue is estimated at €440.7 million, compared to €417.6 million for the same period in 2023, marking a 5.5% increase.

The per capita spending of tourists in April 2024 increased by 2.6% to €651.69 compared to €634.89 in April 2023.

British tourists, who were the largest market with 35.3% of all tourists in April 2024, spent an average of €81.21 per day. Israeli tourists, the second-largest market with 10.7%, spent an average of €140.03 per day. Polish tourists, the third-largest market with 7.6%, spent €80.67 per day.

The highest per capita daily spending in April 2024 was by tourists from Switzerland at €144.35, Belgium at €141.70, and Israel at €140.03. The lowest per capita daily spending was by tourists from Greece at €43.28, Italy at €74.11, and Sweden at €76.93.

The General Government surplus increased to 1.9% of GDP in the period January-May 2024, compared to 1.1% of GDP in the same period of 2023.

According to preliminary fiscal results announced today, the General Government surplus for January-May 2024 amounted to €590.6 million, equivalent to 1.9% of GDP. This represents an increase compared to the €322.7 million surplus (1.1% of GDP) in the same period of 2023.

Despite the increase in expenses during this period, fiscal stability was maintained due to a significant rise in revenues, primarily from taxes and social contributions.

Total revenues for January-May 2024 increased by 14.9% or €700.8 million, reaching €5,394.5 million compared to €4,693.7 million in the same period of 2023.

• Taxes on production and imports increased by 8.4%, reaching €1,899.1 million.

• VAT revenues rose by 8.9%, reaching €1,297.1 million.

• Income and wealth taxes increased by 17.2%, reaching €1,235.9 million.

• Social contributions rose by 16.6%, reaching €1,685.2 million.

• Revenues from the provision of services increased by 35.4%, reaching €366.8 million.

• Current transfers rose by 19.9%, reaching €134.9 million.

• Capital transfers increased by 50.3%, reaching €23.6 million.

Total expenses increased by 9.9% or €432.8 million, reaching €4,803.9 million compared to €4,371.1 million in the same period of 2023.

The main factors contributing to the increase in expenses are:

• Compensation of employees increased by 13.8%, reaching €1,523.5 million.

• Social benefits rose by 9.3%, reaching €1,913.6 million.

• Current transfers increased by 18.1%, reaching €365.2 million.

• Interest payments increased by 29.1%, reaching €192.4 million.

Despite the overall increase in expenses, capital account spending decreased by €42.2 million, or 13.2%, to €276.4 million from €318.6 million in 2023. Specifically, fixed capital investments fell by €45.3 million (-16.3%) to €233.1 million from €278.4 million the previous year. However, other capital transfers increased by €3.1 million (7.7%), reaching €43.3 million compared to €40.2 million in 2023.

Capital expenditures decreased by 13.2%, reaching €276.4 million, while subsidies fell by 19.9%, reaching €57.3 million.