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FINANCIAL NEWS
Egypt’s tourism revenues to drop to USD9b in 2011
15 Dec 2011
(MENAFN) Egypt’s tourism ministry said that during the current year, the country’s tourism revenues would be expected to drop by 30 percent to 35 percent from 2010’s USD12.5 billion, reaching around USD9 billion, reported Arab News.
The ministry added that tourism, contributing with more than a tenth of the country’s gross domestic product (GDP), created jobs in the investment stage and the construction stage, in addition to jobs in the administration and service stage.
It also said that the ministry would continue to support the tourism sector, since it was a key pillar of the country’s economy, adding that bookings for Egypt’s beach resorts started to recover faster than visits to areas along the Nile where most pharaonic ruins are found.
It is worth noting that Egypt’s tourism sector started 2011 with a drop of 80 percent in revenues compared with 2010, due to the political uprising and the following unrest that swept the country.
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