From 2013 to 2019, the travel agency and tour operator output in Cyprus showed consistent growth, reaching a peak in 2019 at 108.3 million euros. The industry experienced significant disruption in 2020 due to the COVID-19 pandemic, with output dropping by 44.36%. A strong recovery was noted in 2021 and 2022, with output almost returning to pre-pandemic levels by 2023 at 112.5 million euros, showing a modest year-on-year growth of 1.44% and a 5-year CAGR of 1.88%.
Forecasts from 2024 to 2028 predict continued steady growth with an average annual increase of 1.17% and an overall growth rate of 5.99% by 2028. The expected output for 2028 is projected to be 120.3 million euros.
Future trends to watch for include:
- Continued recovery and potential resurgence of the travel industry post-pandemic.
- Increasing influence of digital transformation on travel agencies and tour operators.
- Impact of geopolitical events and economic fluctuations on travel behaviors.
- Rising importance of sustainable and eco-friendly travel options.
