Egypt’s tourism revenues increased by 26.8% in FY 2022/2023

CAIRO - 8 October 2023: Egypt's tourism sector has witnessed a remarkable upswing, with revenues reaching an impressive $13.6 billion in FY2022/2023, reflecting a substantial increase of 26.8 percent compared to the previous fiscal year's figure of $10.7 billion, according to the report released by the Central Bank of Egypt (CBE) on Wednesday.

The number of tourists visiting Egypt surged by 35.6 percent, reaching approximately 13.9 million tourists. Furthermore, the number of nights spent by tourists in Egypt experienced a notable rise of 27.6 percent, to record 146.1 million nights in FY 2022/2023.

The government's strategic efforts led to attracting a significant influx of visitors to Egypt, culminating in an impressive milestone of 7 million tourists during the initial six months of 2023.

Tourist numbers reached 1.3 million tourists during April, which recorded the largest number within a single month.

The revenues generated from the tourism sector, along with the contributions of the Suez Canal, have made a profound impact on Egypt's economic landscape, as the country successfully transformed a $10.5 billion deficit in its Balance of Payment (BoP) during the fiscal year 2021/2022 into a surplus of $882 million in the fiscal year 2022/2023.

Recognizing the significance of the tourism sector as a major foreign currency earner, Egypt has set ambitious goals to double the number of tourists over the next five years, aiming to reach 30 million tourists by 2028.

In pursuit of this objective, the government is actively engaged in enhancing the tourism sector's infrastructure through boosting digital transformation, increasing hotel capacity, linking tourist destinations and developing the legislative structure to stimulate investment.