News

Tourism Revenues Jump 83.3 percent to $US2.2 billion In Q1 Of 2018: Reuters

Tourism Revenues Jump 83.3 percent to $US2.2 billion In Q1 Of 2018: Reuters

People enjoy the beach at the Red Sea resort of Sharm el-Sheikh in the South Sinai governorate. REUTERS/Amr Abdallah Dalsh

The revenues of Egypt’s tourism sector have pivotally jumped 83.3 percent in the first quarter of 2018 to $US2.2 billion, a government official anonymously told Reuters on Wednesday, adding that the number of tourists who visited Egypt in the same time span increased 37.1 percent to 2.383 million.

Tourism sector represents the main source of foreign currency income in the country in addition to being an important building block to stabilizing Egypt’s economy.

Following the 25 January 2011 revolution, the Egyptian economy had suffered and the rate of tourists influx significantly dropped due to the political unrest and terror attacks that hit the country. The crash of a Russian plane in October 2015 shortly after it had taken off from Sharm al-Sheikh airport further exacerbated the problem, leading to a sharp decrease in the number of tourists in 2016.

However, relevant progress in the revenues and the number of tourists have been noted in recent months. Additionally, Egypt floated its currency in November 2o16 against all the foreign countries, a measure that attracted even more tourists to the Red Sea resorts and all the tourist attractions in Egypt due to the relatively cheap prices and the increased competitiveness in the sector.

In 2010, at its peak, around 14.7 million visitors were entering Egypt, providing nearly $12.5 billion in revenue.

 

Same Textbook for Muslim and Christian Students in Schools Despite Opposition
#AnaKaman: How #MeToo Has Helped Egyptian and Middle Eastern Women Break The Silence

Subscribe to our newsletter


News

More in News

Egypt Qualifies for the 2019 African Cup of Nations

Mirna AbdulaalOctober 17, 2018

Egyptian Army: 450 Terrorists Killed in Sinai Offensive

Mirna AbdulaalOctober 16, 2018

Australia Slammed for Considering Moving Embassy to Jerusalem

Egyptian StreetsOctober 16, 2018

Egypt Will Reuse Treated Wastewater in Agriculture

Nour EltiganiOctober 16, 2018

Egypt Talks with International Banks to Decrease World Prices

Nour EltiganiOctober 15, 2018

Egypt Backs Saudi Arabia Over the Case of Missing Journalist Khashoggi

Mirna AbdulaalOctober 15, 2018

Siwa’s Shali Village Restoration to Be Complete by 2020

Egyptian StreetsOctober 14, 2018

Egyptian Women Honored for Fight Against Breast Cancer

Mirna AbdulaalOctober 14, 2018
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.