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FINANCIAL NEWS
EU financial crisis to hamper Egypt’s tourism sector
02 Oct 2011
(MENAFN) Egypt’s minister of tourism, Mounir Fakhry Abdel Nour, said that the country’s tourism sector could be hampered by the European financial crisis, where around 76 percent of the country’s tourists came, reported The National.
Abdel Nour added that as a result of Egypt’s revolution, tourism sector went down 80 percent in February, nevertheless, by August, it improved to be down by only 20 percent compared with the period before the revolution.
He also said that the number of tourists who arrived to the country in 2011 would reach 11 million tourists, where revenues would reach USD10 billion, a decline of 25 percent from 2010.
It is worth noting that in 2010, tourism industry contributed with 11.3 percent of the country’s economy and 12.6 percent of all jobs, furthermore, 12 percent of Egypt’s visitors come from the Middle East, the second-biggest market after Europe.
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