Newsroom
Cypriots travel abroad with relative ease during the summer but inbound visitors drawn to the island spend more money than what outbound locals spend overseas, and a study says it is because of the warm weather.
According to Bloomberg, the biggest beneficiaries of summertime travel are Mediterranean countries including Cyprus, which get more money from incoming visitors than what Cypriots spend abroad.
Cyprus ranks third behind Croatia and Malta in terms of Mediterranean countries with the biggest surplus in travel balance of payments, according to BNP Paribas’s Raymond Van Der Putten.
On the other end, northern nations such as Germany, Finland, and the UK typically run deficits in this area.
Cyprus runs an 8% surplus on the travel balance of payments account, while Croatia comes on top with an impressive 17% surplus, followed by Malta at 10%.
Greece is in fourth place with 7%, Portugal with 6%, Spain with 3%, while Italy and France stay positive with just 1%, according to Bloomberg.
Germany and Finland both run a deficit of -1.5% while the UK is at a conservative -1%.
The numbers take into account both beach and mountain resorts, while foreign visitors can enjoy both during a single trip to the island.
