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Egypt’s tourism sector witnessed double-digit growth for the fiscal year 2022-2023, surpassing its pre-COVID-19 numbers, to reach $13.6 billion in revenue over the period.
The country, which is in the midst of a major tourism push, witnessed a revenue growth of 26.8% over the previous year’s figure of $10.7 billion, according to a report in Egypt Today, citing data from the central bank.
The numbers further revealed that tourists visiting the country surged by 35.6% over the same period, reaching approximately 13.9 million. Egypt Today also reported the number of nights spent by tourists in the country experienced a notable rise of 27.6%, to reach 146.1 million nights in FY 2022-2023.
Last month, the country’s Tourism and Antiquities Minister Ahmed Issa told AP news it had welcomed 10 million tourists in the first eight months of this year, putting the country on track for its projected 15 million visitors in 2023.
Egypt’s tourism industry witnessed record highs in 2019 with 13 million visitors and $13 billion in revenues, before the COVID-19 pandemic hit. The sector is a vital one for Egypt’s economy, making up about 12% of the country’s annual GDP.
The country has now set a target to attract 30 million tourists by 2028, with plans to draw in tourism investments and expand on its hotel pipeline.
(Writing by Bindu Rai, editing by Daniel Luiz)
