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17 July, 2024
 
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Cyprus tourism hit by May slump

Banking sources warn of challenges ahead for tourism sector amidst May decline

Newsroom

Banks caution against high expectations for new tourism records in Cyprus, citing a lackluster performance in May, according to a report by Panayiotis Rougalas on this Sunday's Kathimerini (9 June 2024).

Despite concerns, they predict tourism won't plummet in 2024 but are skeptical about setting new records due to ongoing wars and inflation. Senior banking sources revealed that card transactions related to the tourism sector in May didn't meet expectations, signaling a cautious outlook for the upcoming summer season. They attribute the decline partly to conflicts in neighboring regions, which have impacted tourist flows from traditionally popular countries. While official May figures are pending, data suggests a correlation with April, where tourist arrivals saw a slight dip from the previous year but remained steady overall from January to April.

Tourist arrivals from key countries like the United Kingdom, Israel, Poland, Germany, and Greece maintained Cyprus' tourism momentum, bolstered by favorable weather conditions during the winter months. Previous years, particularly 2023, set high benchmarks for tourism revenue, making it challenging to replicate in 2024. Despite a promising start in the first months of 2024, uncertainties loom over surpassing previous records, given the complex geopolitical landscape and economic factors.

While banking sources paint a cautious outlook, tourism insiders note the potential impact of recent airline agreements, hinting at additional flight capacities that could boost tourist arrivals. However, specifics remain unclear, underscoring the divided opinions on Cyprus' tourism prospects for the remainder of 2024.

[This is a summary of Paayiotis Rougalas' article published in Kathimerini's Sunday edition]

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Cyprus  |  tourism

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