In the document, the authority suggests that the declining tourism revenue is responsible for most of the falling share of service exports in GDP.

Although the sector is one of the main economic activities in the country, tourism receipts as a ratio to value added have declined and while exports of travel services accounted for nearly 20 percent of GDP in 2001, the share fell to around 10 percent in 2008.

Over that period, Cyprus managed to attract tourists with a higher average spending per day, however, weak developments in arrivals weighed on the overall income generated by the sector.