The first half of 2023 has proven profitable for Cyprus' tourism sector, outpacing even 2019—previously the most lucrative year on record for the industry. According to an analysis by Brief, revenues reached €1.09 billion, marking a notable increase from €1.003 billion in 2019. Interestingly, this surge came despite a drop in tourist arrivals by 19,000 compared to 2019.

While these numbers appear promising, especially with a 30.4% year-over-year rise from €835.7 million in 2022, the increase in revenue is not without caveats. The tourism industry is grappling with soaring operational costs, attributed to high inflation and increases in commodity prices.

Operators in the tourism sector confirm that expenses, particularly for electricity and other utilities, have substantially increased, partially neutralizing the benefits of higher income.

Data from the Statistical Service underscores this point: tourism income for just June 2023 stood at €361.5 million, a 23.5% hike compared to the €292.7 million recorded in the same month last year. Additionally, per-capita tourist spending showed a marginal increase, with the average tourist spending €791.03 in June 2023—only a 0.6% rise from €786.03 in June 2022.

The figures also reveal varying spending patterns among tourists from different countries. For example, British tourists, who made up 34.8% of all visitors in June 2023, spent an average of €96.13 per day. Israeli tourists, the second-largest group at 10.2%, spent an average of €124.72 daily, while tourists from Poland, the third-largest group at 6.6%, spent €77.12 per day.