Nicosia: The tourism industry is doing well as the contribution to the economy amounted to € 3,4 billion which corresponds to 19,3% of GDP in 2015 and is expected to increase by 4,4% to € 3,5 billion or 19,9 % of GDP in 2016. In addition, they are projected to increase by 3,6% per year to € 5 billion by 2026 which equals 22,9% of GDP, due to growing demand in international tourism.
According to the KPMG Cyprus Tourism Market Report and a report published by the World Travel & Tourism Council (WTTC), the tourism market is one of the largest economic sectors in Cyprus and has grown significantly over the last five years. with the number of tourists reaching 3,2 million in 2016.
The annual number of tourist arrivals has experienced a significant increase over the last three years, despite the small decrease in 2013.
It is emphasized that the luxurious integrated casino-resort that will be completed in the near future, after the relevant law is passed by the Parliament in July 2015, will definitely attract quality tourism while it will result in the reduction of seasonality.