News

Egypt Tourism Revenues Drop by 63.3% in First 9 Months of Fiscal Year

Egypt Tourism Revenues Drop by 63.3% in First 9 Months of Fiscal Year

pyramidstourists

The tourism trade in Egypt has shrunk by 34 percent during the first nine months of the 2015/2016 fiscal year, according to a report from the Ministry of Planning.

The report published by the ministry to track “economic performance indicators in the third quarter and the first nine months of the fiscal year 2015-2016” revealed a drop of 63.3 percent in tourism revenues in the period between January and March 2016, reaching USD 550 million.

According to the report, the tourism trade dropped to EGP 6.341 billion (approximately USD 714 million) in the first nine months of the current fiscal year, compared to EGP 9.609 billion (approximately USD 1.08 billion) during the same period last year.

“The government is working, through an ambitious program, to increase the volume of tourism in traditional, emerging, and Arab Markets,” the reports reads, adding that there is an encouraged movement towards “green tourism.”

Tourism revenues have been decreasing since the 2011 uprising that ousted Hosni Mubarak from the presidency and triggered widespread instability in the country, scaring both tourists and foreign investors away.

More than 14.7 million tourists traveled to Egypt prior to the uprising, with that number falling to 9.8 million in 2011.

The tourism sector has also been hit hard by the Russian passenger plane that was brought down last year over Sinai, killing 224 people onboard.

According to the monthly bulletin released by the Central Agency for Public Mobilization and Statistics (CAPMAS) last month, the most significant countries that influenced the rate of decline in tourist arrivals in August are Russia at 60 percent, followed by the United Kingdom at 17.5 percent, Germany at 10.4 percent and Poland at 3.8 percent.

The report further pointed out an increase of 248 percent in the total budget deficit to reach USD 3.64 billion in the first nine months of the last fiscal year, in addition to an increase of USD 30 million in the size of international reserves in March 2016 to reach around USD 16.56 billion.

Ride-Hailing App Careem to Incorporate 42,000 of Egypt's White Taxi Drivers
Drug Trade in Egypt Amounts to Half of State Budget: Baseera Research

Subscribe to our newsletter


News

More in News

How Oil Wealth and Terrorism Can Lead to Kurdistan’s Secession

Mirna Khaled AbdulaalSeptember 25, 2017

World’s Heaviest Woman, Egyptian National Eman Abdel Aty Dies at 37

Egyptian StreetsSeptember 25, 2017

Mashrou Leila Banned from Performing in Egypt Over ‘Rainbow Flag’: Syndicate

Egyptian StreetsSeptember 25, 2017

Egypt Wins the 2017 Macau Squash Open in China

Maydaa Abo El NadarSeptember 25, 2017

Egyptian Authorities Order the Closure of Al-Balad Bookstore

Engy AdhamSeptember 24, 2017

State Institutions to be Moved to the New Administrative Capital By the End of 2018: PM

Egyptian StreetsSeptember 24, 2017

The International Finance Corporation to Invest $150 Million in Agriculture in Egypt

Egyptian StreetsSeptember 24, 2017

Egyptian Icon Oum Kulthum Featured in New Film Screened at Venice Film Festival

Samir ShalabiSeptember 24, 2017
Egyptian Streets is an independent, young, and grass roots news media organization aimed at providing readers with an alternate depiction of events that occur on Egyptian and Middle Eastern streets, and to establish an engaging social platform for readers to discover and discuss the various issues that impact the region.

© 2017 Egyptian Streets. All Rights Reserved.