Egypt’s tourism sector generated revenues worth USD 12.9 bn during the period from Q2 of FY 2018/19 till the end of Q1 of FY 2019/20, up from USD 11 bn during the prior-year period, Invest-Gate reports.

The sector recorded USD 4.2 bn worth of revenues by the end of the first quarter of FY 2019/20, a rise of USD 300 mn from USD 3.9 bn during the same quarter in FY 2018/19, according to the Central Bank of Egypt’s (CBE) recent statistical report.

The sector’s revenues were up to USD 7.2 bn during the first half of FY 2019/20, with an increase worth USD 459.7 mn compared to the same period of the previous fiscal year.

Earlier in mid-March, Prime Minister Mostafa Madbouly said that losses from the suspension of inbound and outbound flights could reach EGP 2.25 bn (USD 143 mn).