Egypt's tourism revenues hike to $8.2B in 9 months

CAIRO - 7 August 2022: Egypt’s tourism revenues increased by $5.1 billion during the first nine months of the last fiscal year 2021/2022, on an annual basis, despite the negative effects of the absence of tourists from Russia and Ukraine.

 

The CBE stated in its report on the performance of the balance of payments that Egypt’s tourism revenues increased to record about $8.2 billion during the period from July 2021 until the end of March 2022, compared to about $3.1 billion during the comparable period of the previous fiscal year.

 

This came despite the absence of tourists from Russia and Ukraine since the outbreak of the crisis between them and the negative effects on the tourism movement.

 

In February, the CBE announced that Egypt’s tourism revenues increased during the first quarter of the current fiscal year by 253.3 percent, on an annual basis.

 

The CBE stated in its report on the performance of the balance of payments, that Egypt achieved $2.83 billion in tourism revenues during the period from July to the end of last September, compared to $801 million during the same period in the previous fiscal year.

 

The tourism movement in Egypt witnessed an improvement during 2021, with the start of the emergence of vaccines for Coronavirus and the recovery of air traffic and countries’ economies from the negative repercussions of the virus during 2020.

 

Meanwhile, Egypt’s balance of payments (BoP) recorded a total deficit during the first nine months of the last fiscal year 2021/2022 of $7.3 billion, compared to a surplus of $1.79 billion during the same period of the fiscal year 2020/2021.

 

The CBE deficit during the nine months was recorded almost completely during the period from January to March 2022.

 

According to the statement, the current account during the period from July to the end of last March amounted to about $13.5 billion.