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Tourism could help

Heading towards the Memorandum and amidst an economic depression, Cyprus has some rays of sunshine giving a somehow positive outlook in Tourism.

The latest numbers in tourist arrivals validate that Tourism is one of the most important resources of the island.Comparing with the years 2000 & 2001, 2012 has been the third best year in terms of incoming tourism, with tourist arrivals summing around 2.5m.

The New Year is not going to be an easy one; unemployment will still be on the rise, with a slow growth pace, but Tourism seems to be a stable source of income. Cypriots will likely travel inland and the middle-east riots will divert potential tourists to Cyprus.

The unfortunate part is that the new taxes to be imposed in the New Year will much burden the hotel and leisure industry, further affecting Cyprus’ competitiveness with nearby tourist destinations.