Egypt churns USD 4.8 billion revenue from tourism sector

According to an Egyptian government official, the revenue from tourism jumped to 77% to around the first USD 4.8 billion compared to the same period last year. The official also confirmed that a total number of visitors during the first six months of 2018 grew 41% to about 5 million.

“Indicators suggest the sector will earn about USD 9 billion by the end of this year,” the official said, he also added that there were expectations of good visitors’ turnout from western Europe, Italy, Germany and Ukraine towards the end of 2018.

Tourism is an important revenue generator for Egypt and is the key forex earner for the country.

The international credit rating agency Moody’s also raised Egypt’s credit outlook to positive from stable confirming the ambitious economic reform plan backed by the International Monetary Fund (IMF).  

It said, “The substantial progress made by the government in implementing reforms agreed with the IMF has imparted a degree of financial stability not present earlier in the decade.”