Egypt’s tourism revenues leaped by EGP 2.7 bn to reach EGP 12.570 bn in FY 2018/19, marking the highest historical record, Invest-Gate reports.
As opposed to a total deficit of EGP 1.63 bn in the country’s balance of payments (BOP), the country’s tourism revenues jumped by around 22% from EGP 9.804 bn in FY 2017/18, while standing 8.4% higher than the recorded figure of EGP 11.6 bn in FY 2009/10, the finance ministry’s BOP showed.
This increase was largely driven by a similar surge in tourist influx, which grew to 11.3 mn tourists in 2018, compared to 8.3 mn in the prior year. European visitors topped the list, representing 61.2% of the past year’s total influx.
In turn, the significant rise in tourist arrivals resulted in 121 mn nights spent at tourist accommodations in 2018, according to official data by the Central Bank of Egypt (CBE) and the Central Agency for Public Mobilization and Statistics (CAPMAS).
All in all, the overall deficit in the BOP was partially trimmed by a notable surplus of EGP 1.7 bn in the second half of FY 2018/2019.