Egypt’s tourism revenues hit a record high of $13.6 billion in FY2022/2023, up by 26.8 percent from $10.7 billion in FY2021/2022, the Central Bank of Egypt (CBE) reported on Wednesday.
Egypt seeks to increase the number of tourists annually to 30 million, up from 15 million, by 2028.
The country’s tourism sector took a blow when Covid-19 broke out in early 2020.
In FY2020/2021, tourism revenues dropped by 50.71 percent, reaching $4.86 billion, down from $9.86 billion in FY2019/2020, but started to rise again in FY2020/2021.
Tourism is one of Egypt’s key sources of foreign currency, along with remittances from Egyptians abroad, the Suez Canal, and foreign direct investments.
The record revenues in tourism last year helped Egypt turn a $10.5 billion deficit in its Balance of Payment in FY 2021/2022 into a surplus of $882 million in FY2022/2023.
Source: Ahram Online