In the period between January and July 2023, tourism revenue in Cyprus surged by 26.9% compared to the same period in 2022. According to Tuesday's Passenger Survey from the Cyprus Statistical Service, the revenue for this period tallied at €1,544.7 million, up from €1,217.4 million in 2022.

The July 2023 standalone figures were also promising: revenue from tourism soared to €454.6 million, a 19.1% increase from €381.7 million in July 2022.

The average tourist in July 2023 spent €867.96, marking a 3.4% increase from July 2022. Dutch tourists topped the expenditure chart with an average of €1,165.20, while Greek tourists spent the least, averaging €380.56. Notably, UK tourists, making up 33.6% of the total in July 2023, averaged €94.23 daily. In contrast, Israeli tourists, the second-largest group, spent €135.44 daily. Interestingly, while Lebanese tourists had the highest daily expenditure at €162.52, they stayed the shortest average duration (5.8 days). Greek tourists, despite their low daily spend of €35.90, stayed the longest, averaging 10.6 days.

Furthermore, total arrivals in July 2023 climbed to 523,718 from 454,657 in the same month of 2022.

Switching gears to housing, Eurostat data reveals a modest 0.3% rise in EU house prices in Q2 2023 compared to Q1 2023. Simultaneously, rents saw a slightly higher increase of 0.7%. Over a year, while EU house prices dipped by 1.1%, rents grew by 3.0%.

Specifically, for Cyprus, house prices grew by 3.2% in this timeframe. A preliminary estimate from the Cyprus Statistical Service confirms Eurostat's figure, as according to the estimate, house prices rose annually in Q2 2023 but remained stable quarterly. Specifically, the House Price Index (HPI) increased by 3.2% in Q2 2023 compared to the same quarter in 2022, with the HPI standing at 109.72 units. This represents a 0.4% decrease from Q1 2023.

Highlighting historical data, house prices and rents in the EU followed similar trajectories until Q2 2011. Post this period, while rents saw a consistent increase up to Q2 2023, house prices experienced more fluctuations. After a decline between Q2 2011 and Q1 2013, house prices remained stable until 2014, with a swift surge in 2015. House prices then increased at a faster rate than rents till Q2 2022 but saw a slight drop in the latter part of 2022.

From 2010 to Q2 2023, house prices and rents in the EU grew by 46% and 21%, respectively. Estonia, Hungary, Lithuania, Latvia, Czechia, Luxembourg, and Austria witnessed house prices more than doubling compared to 2010 figures. However, Greece, Italy, and Cyprus recorded decreases in house prices, with rent prices dropping only in Greece.

Unemployment figures in September 2023 have shown a significant drop, reaching their lowest since 2008, according to the data released by the Statistical Service today. The data has been drawn from both the Provincial Labor Offices and figures adjusted for seasonal fluctuations.

In particular, data from the Provincial Labor Offices highlight that the number of registered unemployed individuals at the end of September 2023 fell to its lowest in over 15 years, standing at 9,693. This is a notable decrease from 13,256 in the previous month and 11,610 in September 2022. In fact, the last time numbers were this low was in June 2008.

Furthermore, when accounting for seasonal variations which offer insight into unemployment trends, September 2023 recorded 11,910 unemployed individuals. This is a decline from the 12,385 reported in the preceding month and represents the lowest figure adjusted for seasonal variations since December 2008.

Comparatively, there was a decrease of 1,917 individuals or 16.5% from September 2022. This decline is primarily attributed to sectors such as trade, accommodation and food services, construction, administrative and support activities, as well as a reduction in newcomers entering the job market.