Cyprus experienced a remarkable boost in its tourism sector during May 2023, with tourism revenues skyrocketing by an impressive 40.7%. This surge in earnings continued over the first five months of 2023, witnessing a notable 34.2% increase. The Statistical Service of Cyprus, through its Travelers Survey, reported that May 2023's tourism revenues reached €311.0 million, surpassing the €221.0 million recorded in the corresponding period of the previous year.

The tourism industry in Cyprus has been a key driver of the country's economic growth. With revenues of €728.6 million from January to May 2023, compared to €543.0 million during the same period in 2022, the tourism sector saw a substantial 34.2% increase.

In May 2023, the per capita spending of tourists in Cyprus was reported at €740.36, reflecting an increase of 5.5% from the previous year's €701.44. Notably, British tourists represented the largest share of visitors in May 2023, accounting for 36.6% of the total tourist influx, as they spent an average of €89.83 per day. The second-largest market, Israeli tourists, comprised 8.9% of total visitors and spent an average of €136.11 per day. Meanwhile, tourists from Poland, constituting 7.3% of the total, spent €79.46 per day.

Tourists from Lebanon emerged as the highest per capita spenders in May 2023, spending an impressive €193.89 per day. Following closely were tourists from Austria, spending €123.07 per day, tourists from the Netherlands, spending €120.53 per day, and tourists from the United States, spending €119.97 per day. These figures underscore the diverse range of visitors contributing significantly to the country's tourism revenues.

Meanwhile, in June 2023, the Producer Price Index (PPI) in the Industry experienced a 4.5% increase compared to the previous year. The PPI for June 2023 reached 140.0 points, showcasing a slight 0.1% rise from May 2023.

Comparing the first half of 2023 with the same period in 2022, the PPI demonstrated an impressive 12.0% growth. Notably, certain manufacturing sectors witnessed significant expansion, with an increase of 11.6% in the mining and quarrying sector, 6.6% in electricity supply, and 4.4% in manufacturing. However, the water supply and waste management sector experienced a 5.4% decrease.