Egypt's tourism revenues jump 25.7 percent in the second half of 2022, CBE

The Central Bank of Egypt published data revealing that Egypt’s tourism revenues recorded $7.3 billion jumping to 25.7 percent during the second half of 2022.

Egypt’s tourist numbers witnessed an overall growth of 33 percent from the start of the year up to April 2023. Egypt is targeting 15 million tourists in 2023, Amr El-Kady, CEO of Egyptian Tourism Promotion Board, said in an interview with CNBC Arabia.

Egypt's tourism revenues jumped by 25.7 percent during the second half of 2022 to record $7.3 billion, according to data published by the Central Bank of Egypt (CBE) yesterday.

The improvement in tourism revenues is due to the increase in the number of tourist nights by 27.2 percent on an annual basis, to record about 78.4 million nights, and the increase in the number of tourists coming to Egypt by 27.5 percent, to reach about 6.8 million tourists.

In a previous statement, Egypt’s Prime Minister emphasized the Egypt’s commitment to achieving the new budget targets, especially in reaching an initial surplus of GDP and reducing the budget deficit in line with the planned ratios, while expanding the social safety net and addressing the effects of economic challenges.

Earlier this year, the Egyptian Cabinet announced that the tourism sector would be included in the initiative to support the productive sectors, which currently includes the industrial and agricultural sectors, and allocated LE 10 billion for it, bringing the total investment made available through the initiative to LE 160 billion.