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FINANCIAL NEWS
Egypt’s Tourism expected to recover by April 2015
26 Oct 2014
(MENAFN) Egypt’s Ministry of Tourism said it is hoping that the country’s tourism sector will revive by next April and resume its position as one of the country’s most vital industries, Arab News reported.
Tourism revenues, which once were a pillar of the economy, used to reach USD12.5 billion during 2009 and 2010, but were less than half of that in 2013 when they reached USD5.9 billion.
During the January-July period of this year, tourist revenue reached USD3 billion, down 25 percent compared with the same period last year, which amounted to 11.3 percent contribution of GDP and 14.4 percent of foreign currency revenues.
In terms of numbers, the Ministry said that more than 14.7 million tourists visited Egypt in 2010, dropping to 9.8 million in 2011, then growing back again to reach 11.5 million but shrinking back to 9.5 million last year.
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The Ministry says it is currently attempting to lure back European visitors who make up about 70 percent of the market, as well as eying potential long-haul tourists from the United States, as well as visitors from China, which currently exports 98 million tourists globally each year.
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