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FINANCIAL NEWS
Egypt’s tourism revenues plunge 30% in 2011
20 Jan 2012
(MENAFN) Egypt’s Tourism Minister, Mounir Abdel-Nour, said that due to the country’s political unrest, in 2011, Egypt’s revenues from the tourism sector dropped around 30 percent, reported Arab News.
Abdel-Nour added that revenues from the sector in the year fell to USD8.8 billion, in comparison with USD12.5 billion recorded a year earlier.
He also said that the number of tourists who visited the country in the period went down by more than 33 percent, to reach 9.8 million visitors, compared with 2010’s 14.7 million.
It is worth noting that near-daily protests and strikes held back Egypt’s economic growth, forcing the country to ask for a USD3.2 billion loan from the International Monetary Fund (IMF).
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