Tuesday, April 19, 2016
Cyprus on track for record tourist year
Bailed-out Cyprus recorded a 40-percent hike in tourist arrivals in March, setting the stage for a record year for the holiday island and indicating an economic revival, official data showed Monday.
Tourist arrivals already hit a 14-year high in 2015 reaching 2.65 million, on the back of a cheaper euro.
The number of tourists arriving on the eastern Mediterranean holiday spot in March reached 137,013 compared to 97,479 in the same month last year, an increase of 40.6 percent, the statistical service said.
This is mainly due to a large increase in the influx of British, German and Russian tourists.
This is excellent news for the Cypriot economy which is forecasted to grow 2.7% this year. Bank of Cyprus stock is the way I am playing this. The bank continues to heal and with the economy growing this will continue. This is a big contrarian play as most people still think Cyprus is a basket case.