Tourism in Cyprus Increased by 21% in the First Six Months of 2016
- Written by: Bridgewest
- Posted: 2016-07-22
With iconic landscapes and a rich history, Cyprus represents an attractive touristic location for visitors around the world. Cyprus’ economy has always been based on tourism and, therefore, the financial results registered in the field also had good outcomes. 2016 brought a new boost on the local market, as the tourism values increased by 21% in the first six months of the year, compared to the same period of 2015. Businessmen interested in setting up a company related to this industry, such as a tour operator or a travelling agency, can address to our team of Cypriot lawyers for an extensive presentation on the legal requirements which have to be met by such companies.
Cypriot tourism in 2016, positive effects on other industries
Investors who want to establish a company in the field of tourism have very good news, as the local tourism flourished this year to an extent which was able to produce positive economic effects on other industries as well.
It is important to know that Moody’s Investor Service declared that the revival of the Cypriot tourism helped local small and medium companies and that it also reduced the level of unemployment.
Other types of companies which showed positive results are the banks, which now have the opportunity to provide new lending.
If at the level of May 2015 the unemployment level was situated at 15,3%, in May 2015, the rate decreased to 12%; our team of Cypriot attorneys can offer more details on this issue.
The growth of Cypriot tourism
The total number of tourists who have visited Cyprus in the first six months of 2016 accounts for 1,225,240, while the revenue reported by the industry had a total value of EUR 285,5 million.
An important aspect when referring to Cypriot tourism is that the industry represents a quarter of the total Gross Domestic Product. Also, the projections for the industry are showing that 2017 will represent a year of further growth.
Businessmen interested in receiving more details on how to set up a company in the field of tourism can address to our Cypriot law firm for legal assistance.