Sustainable Bond Framework
Tourism: a long-standing economic pillar
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Tourism is one of the key drivers of economic growth
The tourism sector was among the sectors hit most severely in 2020 due to the Covid-19 pandemic by the measures on travel
restrictions taken by the Cypriot Government as well as by other countries in order to control the spread of the virus within the
population and safeguard the national health systems
In 2021, arrivals reached around 1937 thousand persons compared to 632 thousand persons in 2020 and revenues reached
around EUR 1514 mn compared to EUR 392 mn the year before.
In 2022 tourist arrivals recorded an increase of 65% reaching 3201 thousand persons compared to the year before. The total
revenues exhibited also an increase of 61% reaching EUR 2439 mn in 2022 compared to the year before.
The reduction from Russia and Ukraine has been outweigh by other jurisdictions mainly European markets.
For the period following, the ongoing efforts have been focused on upgrading the tourist product through hotel renovations, new
infrastructure as well as with the construction of the casino resort contributing to the increased tourist arrivals either from
existing or new markets and increased revenues.
Geographical diversification over time
Tourist arrivals and receipts
100
888
20
80
60
9
10
2212
2
5
6
6
4000.0
20
223
28
29
29
29
3000.0
20
420
12
10
2000.0
10
20
40
1000.0
27
20
46
39
33
36
38
0.0
20
20
0
2010
2015
2019
2020
2021
2022
UK ■Russia Scandinavia Greece Germany Israel Other Poland
Source: Cyprus Statistical Service
2010
2011
2012
2013
2014
Arrivals (in thsd persons)
2015
2016
2017
2018
Revenues (in EUR mn)
2019
2020
2021
2022
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