Tourism in Egypt injects record £ 953 billion into national economy in 2023

Release time:

2024-06-28 20:22

Source Daily Economy

Source: pexels.com

The World Travel and Tourism Council (WTTC) 2024 Economic Impact Study (EIR) shows that the sector's contribution to Egypt's GDP grew by almost 24% last year to a record 953 billion Egyptian pounds, almost 21% higher than the previous peak.

The data also showed a full recovery in industry jobs and international and domestic tourist spending last year, reaching record levels.

Domestic tourist spending rose nearly 9 percent year-on-year to more than 328.5 billion Egyptian pounds, while international tourist spending rose 38.5 percent year-on-year to 470.4 billion Egyptian pounds last year.

Employment supported by the industry grew by nearly 10% to more than 2.5 million, accounting for 1/12 of the total number of jobs in Egypt.

While this is a strong recovery, it still lags behind the job record set by the industry 15 years ago in 2008, when the number of jobs hit 3.7 million.

Julia Simpson, President and CEO of WTTC, said: "Egypt's tourism industry has made an extraordinary recovery, reaching a record high, highlighting the resilience of the industry and its important role in the Egyptian economy. The Egyptian government recognizes the value of tourism to the Egyptian economy and jobs, puts it at the forefront of its agenda and is truly focused on investment."

What will happen this year?

This year, the sector's contribution to GDP is expected to reach almost 988 billion Egyptian pounds, or 8.1 percent of Egypt's economy.

International tourist spending is expected to grow by 6.2 percent this year to nearly 500 billion Egyptian pounds, while domestic tourist spending is expected to exceed 340 billion Egyptian pounds.

Jobs in the sector are expected to grow by 5.7 percent to 2.67 million jobs, accounting for nearly 1 in 11 jobs in Egypt, but still below the previous peak.

WTTC forecasts that with strong government support, the industry's annual contribution to GDP will grow to £ 1.57 trillion billion by 2034, representing 9.6 per cent of Egypt's economy, and could employ nearly 4 million people nationwide.

Across North Africa, tourism is expected to contribute £ 2.2 trillion billion to the region's economy this year, or 8.5 per cent of the total economy.

The number of jobs supported by the industry is expected to increase to 5.3 million, accounting for 1 of 11 jobs in the region.

Domestic visitor spending is expected to reach £ 960 billion, while international visitor spending is expected to reach £ 1 trillion.

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