The Strategist

Egypt doubles income from tourism

10/06/2022 - 11:58

According to figures revealed by the Central Bank, Egypt's tourism revenue in the fiscal year 2021–2022 (counting from July 1) more than doubled from the previous year.

Vyacheslav Argenberg
Vyacheslav Argenberg
The Bank’s message states that "profits from tourism... reached $10.7 billion, up from $4.9 billion in fiscal year 2020-2021."

The Central Bank reports that due to an exceptional rise in commodities imports (by 53%), improved tourism, and increased revenue from ship transit through the Suez Canal, Egypt's current account deficit decreased by 10.2% to $16.6 billion.

The bank reports that a large increase in petroleum product exports—totaling $9.4 billion—and rising gas supplies, particularly those to new markets like Turkey, Italy, France, Spain, Croatia, and Greece—have resulted in an oil trade balance of $4.4 billion.

According to earlier information from the Egyptian Ministry of Tourism, 50.6% of all visitors to Egypt in 2021 were from Eastern Europe. Eight million visitors visited Egypt in total in 2021, compared to only 3.7 million in the "pandemic" year of 2020.