Ahead of the annual general meeting to be held today, Cyprus Hotel Association (PASYXE) published its annual report for 2016.
According to the report, last year tourism revenues reached a historic high of 2.4 billion euro. Despite the price competition other popular destinations like Turkey, Tunisia and Egypt, the Cyprus tourism sector revenues grew by 12% comparing to the previous year. Prices in the local market, though, remain significantly higher than in other tourist destinations.
As negative factors – very high prices for catering services and a rise in the prices of alcoholic beverages were mentioned. Also, VAT expenses, social insurance and special defence payments, bank interest rates and municipal fees all contribute to high prices in the hospitality industry.
