Cyprus-Forum.com

[Sotos]

Cyprus 1Q Flash GDP +3.7% On Year Vs +3.5% 4Q 2006

ATHENS (Dow Jones)--Cyprus' gross domestic product growth accelerated to 3.7% on the year in the first quarter from 3.5% in the fourth quarter of 2006, the island's statistics service said Tuesday.

In its first flash GDP estimate, the statistics service said the expansion was led by a 25.0% jump in the financial services sector, an 8.0% rise in retail trade, and a 3.1% rise in construction activity as measured by building permits issued.

These gains, however, were tempered by a 3.9% drop in tourist arrivals and 4.5% decline in tourist spending on the year.

Cyprus' GDP expanded 3.8% last year. The economy also grew 3.8% on the year in the first quarter of last year.

Revised first quarter GDP figures are due for release June 8.

Cyprus Statistics Service Web Site: www.mof.gov.cy

So it seems other sectors are going up faster than tourism is going down. So is Cyprus getting less dependent on tourism? Do you think thats good or bad?

[Get Real!]

Cyprus as an EU member has EU standards and overheads to deal with and therefore cannot afford to offer ₤2.00 meals, ₤5.00 taxi fares, and ₤20.00 p/night hotels like 3rd world holiday destinations like Sharm El Sheikh and many others. We don't stand a chance competing with such places anymore.

On top of that far too many high school graduates continue on with tertiary education so nobody wants to do the dirty work anymore either and that's where the Eastern European and Asian foreigners come into the picture. Yes, Cyprus is definitely transforming and very fast too.

[Southerner]

Cyprus as an EU member has EU standards and overheads to deal with and therefore cannot afford to offer ₤2.00 meals, ₤5.00 taxi fares, and ₤20.00 p/night hotels like 3rd world holiday destinations like Sharm El Sheikh and many others. We don't stand a chance competing with such places anymore.

On top of that far too many high school graduates continue on with tertiary education so nobody wants to do the dirty work anymore either and that's where the Eastern European and Asian foreigners come into the picture. Yes, Cyprus is definitely transforming and very fast too.

In the UK the pub trade is slowly dying, the reson is that prices for drinks (of all types) has gone through the roof, never at any oyher time have so many pubs had lease for sale signs outside.
I don't recall £2 meals in the last few years, it was usualy £2.95CYP, what has happened is that you get less for your money.
As with UK pubs these days you can't just open you doors and expect people to come in you've got to make them want to; and putting the price up is certainly not the way to go.

[greek.god]

As someone who has lived in Norway for 14 years..I can attest to the value of Cyprus! Although I agree that for a typical Cypriot and expat living in Cyprus, some prices are very expensive, for the Scandinavian tourist, prices are cheap compared to Norway and the rest of Scandinavia.

One thing Cypriots in the Tourism business need to learn is "Customer Service." My wife works in the tourism business, and she tells me that 100 percent of tourists complain that the lack of customer service and basic friendliness leads them to the decision not to come back for vacation.

[mountainman]

Lets get real please,

The Cyprus economy needs money, who cares where it comes from.
it's cheaper to go to the USA for a month than it is to come to Cyprus for two weeks.

Cyprus is a great place but there are much better value alternatives; sad but true.