Egypt’s tourism industry saw its highest revenues in the first quarter of the 2022/23 fiscal year.
In the first quarter of the 2022-2023 fiscal year, Egypt’s tourism revenues reached a record high of 4.1 billion U.S. dollars, representing an increase of 43.5 percent from the same period the previous year, according to a statement released by the Central Bank of Egypt (CBE) on Thursday.
Egypt’s fiscal year runs from July to June of the following year.
The number of tourists visiting Egypt from July to September of last year saw a dramatic increase, with 3.4 million visitors and 43.6 million nights spent in the country – a 52.2 percent and 47.1 percent rise respectively.
Egypt’s tourism in the First Quarter of the year
The tourism sector in Egypt, a significant contributor to the nation’s income and foreign currency reserves, has been severely impacted by the country’s efforts to combat terrorism, particularly after the tragic crash of a Russian plane in the Sinai Peninsula in October 2015 that resulted in the loss of all 224 passengers and crew.
With the security situation in Egypt improving, tourism began to recover in the following years, eventually reaching a record high of 13 billion dollars in revenue and 13 million visitors in 2019. Unfortunately, the COVID-19 lockdowns have again caused a decline in tourist numbers.
The ongoing conflict between Russia and Ukraine has had a negative effect on Egypt’s tourism industry, as these two countries have been significant contributors of tourists to the country, which is home to many historical monuments.
The revival of Egypt’s tourism industry has been attributed to the incentives provided for foreign travel agencies, improved stability and security, and other factors by Abdel Fattah al-Assi, a former assistant minister of tourism and antiquities for hotel facilities control.
“After the COVID-19 lockdowns, more people will spend their holidays abroad. Egypt has many advantages for tourists as it enjoys nice weather and offers reasonable prices (for tourists),” al-Assi told Xinhua.
He noted that the development taking place in Egypt, such as improved roads, reduced traffic, and the refurbishment of many tourist attractions, would be sure to impress visitors.
In the first quarter of the 2022-2023 fiscal year, Egypt’s tourism revenues reached a record high of 4.1 billion U.S. dollars, representing an increase of 43.5 percent compared to the same period the previous year, according to a statement from the Central Bank of Egypt (CBE).