Cyprus hit by fall in arrivals

Cyprus's revenues from tourism fell 10.8 per cent last month year-on-year, amid a general decline in arrivals expected to fall by at least 10 per cent in 2009.

For the January-February period combined, revenue was down 11.1 per cent, and arrivals were down 14.2 per cent, the island's statistics service said. Tourism represents about 11.0 per cent of Cyprus's gross domestic product, with more than two million visiting the east Mediterranean island annually.

The economic growth outlook this year has been trimmed to around 2.0 per cent, from last year's GDP growth estimates of 3.7 per cent, on forecasts of a 10 per cent drop in tourism and weaker construction activity.

Bookings from Britain, the island's main market, are down between 20 and 30 per cent, hurt in part by the exchange rate of the sterling against the euro.