How Much Of Egypt’S Gdp Is Derived From Tourism?

Egypt’s travel and tourism industry is a significant economic sector, contributing to the country’s GDP by around 389 billion Egyptian pounds in 2018. Leisure spending accounts for 88% of the direct travel and tourism contribution, while business spending makes up 12%. In 2022, the sector contributed 32 billion U.S. dollars to Egypt’s GDP, with tourism revenues reaching a record high of $19.8 billion (EGP 953 billion). This growth is expected to continue, with tourism revenues expected to reach $20.00 USD Billion by the end of 2024.

In 2023, Egypt’s tourism sector generated $6.6 billion in revenues, a 5% increase from the $6.3 billion generated in 2021. The sector also contributed around 32 billion U.S. dollars to Egypt’s GDP in 2022, up from 22.3 billion in 2021. Tourism revenues reached a record high of $13.6 billion in FY2022/2023, up 26.8% from $10.7 billion in FY2021/2022, according to the Central Bank of Egypt (CBE).

Tourism is one of Egypt’s key sources of foreign currency, along with remittances from abroad, the Suez Canal, and foreign direct investments. The sector regularly attracts 2 million monthly visitors, spending an average of $93 per day and staying 9.5 nights.

The tourism sector is crucial to Egypt’s economy, accounting for about 10-15% of the GDP and millions of jobs. At its peak in 2010, the sector employed about 12 of Egypt’s workforce. This year, the sector’s GDP contribution is forecasted to reach almost £988BN, accounting for 8.1 of Egypt’s economy.

How much of Egypt’s GDP is from tourism?

Egypt’s tourism sector contributed 24 percent of the country’s GDP in 2023, with spending reaching EGP 953 billion, a 21-fold increase from the previous year. The World Travel and Tourism Council (WTTC) reported that domestic visitor spending increased by 9 percent YoY to surpass EGP 328. 5 billion, while international visitor spending surged by 38. 5 percent to reach EGP 470. 4 billion.

What rank is Egypt in tourism?

Egypt has been ranked 9th among the 17 most popular tourist destinations for 2023, according to a report by ‘Travel Awaits’. The announcement comes from travel reservations for the year by international tour operators. Egypt is known for its cultural and historical attractions, and its resumption of tourism after the pandemic has seen an increase in tourists. TripAdvisor has also listed Luxor among the 22 most popular destinations for 2022, while Hurghada was among the top 10 destinations of the year. Egypt’s cultural and historical attractions have contributed to its popularity.

What are Egypt’s top 3 resources?

In addition to its agricultural capacity in the Nile Valley and Delta, Egypt possesses a variety of natural resources, including petroleum, natural gas, phosphates, and iron ore.

What is the tourism statistic in Egypt?

In 2022, Egypt experienced a significant increase in tourist arrivals, reaching 11. 7 million, up from eight million in 2020. This increase was largely due to travel restrictions imposed by the COVID-19 pandemic. Egypt has been a top tourist destination since 2020, ranking second to Morocco in terms of international tourism receipts. Inbound tourism expenditure reached around $12. 2 billion in 2022, while Morocco’s reached $9 billion. Egypt is the highest-ranking African country in terms of its attractiveness in the tourism sector development.

European visitors to Egypt in 2022 were the highest compared to other regions. The country had nearly 202, 430 hotel rooms, with an occupancy rate of over 62%. Egypt is a globally famous tourist site, particularly for Europeans, with around 7. 3 million European visitors visiting in 2022. Overall, Egypt’s tourism competitiveness index indicates its attractiveness in the tourism sector.

Which country has the highest GDP from tourism?

In 2023, the United States surpassed pre-pandemic levels in terms of travel and tourism contribution to GDP, with a total of 2. 36 trillion U. S. dollars. China and Germany followed closely, with travel and tourism contributing around 1. 3 trillion and 488 billion U. S. dollars, respectively. The total contribution of travel and tourism to global GDP reached just under 10 trillion U. S. dollars in 2023. GDP, the total value of goods and services produced in a country in a year, is a crucial indicator of a country’s economic strength.

What contributes to the GDP of Egypt?

Egypt’s gross domestic product (GDP) exhibited a notable increase from EGP 3. 4 trillion in the 2016/2017 fiscal year (FY) to EGP 10 trillion. This growth is projected to reach 2 trillion in FY2022/23, largely due to the implementation of effective inflation control measures.

How much of Italy’s GDP is tourism?

In 2023, travel and tourism contributed nearly 10. 5 percent of Italy’s GDP, reaching nearly 215 billion euros. This sector also contributed to employment in Italy, with the total international tourist expenditure surpassing 50 billion euros. Germany ranked as the leading market, followed by the United States, the United Kingdom, and France. The contribution of travel and tourism to Italy’s GDP is significant, with the highest figure reported to date. The industry also plays a significant role in Italy’s economy, with the country’s tourism sector contributing significantly to the country’s economy.

What percentage of the economy is tourism?

The US travel and tourism industry is a significant contributor to the economy, with international visitors spending $233. 5 billion in 2019 and contributing nearly $640 million a day. The industry generates $1. 9 trillion in economic output, supports 9. 5 million American jobs, and accounts for 2. 9 of the US GDP. The International Trade Administration supports the industry through its National Travel and Tourism Office (NTTO) and the U. S. Commercial Service, providing data and related products to support international outreach and promotion efforts.

With over 100 offices in the US and 75 countries worldwide, the NTTO promotes US policies that encourage competitiveness, provides business counseling, match-making, and promotional support services, ensures that regulations do not adversely impact industry competitiveness, and provides information, trade data, and market analysis to the industry, partners, and policy makers. Maintaining close relationships with the industry helps enhance its competitiveness and overseas profile.

Is tourism declining in Egypt?

The Egyptian government has pledged investment and a target of 30 million tourists annually by 2028 as the tourism industry recovers from the Covid-19 pandemic. The government is keen to use mega-projects and new infrastructure to serve tourism, ranking sixth in the World Economic Forum for prioritization. One such mega-project is the Ras El-Hekma deal with the UAE, aiming to transform a coastal town into a luxury Mediterranean resort.

Which country is number 1 in tourism?

France leads the list of the most visited cities in Europe with 89. 4 million arrivals in 2019, thanks to its diverse regional cultures, historical sites, museums, gastronomy, and romantic charm. The country’s beautiful countryside, including villages, mountains, vineyards, and castles, attracts tourists. Spain follows with 83. 7 million arrivals, thanks to its historical richness, sunny coasts, architectural beauty, flamenco music, and bull running experiences.

What is Egypt’s main source of income?

The Egyptian economy is predominantly agrarian, with additional reliance on the media, petroleum imports, natural gas, and tourism. The three most prominent trade partners are determined by a calculation of imports and exports. The country’s five-year graph illustrates the composition of its gross domestic product (GDP), with manufacturing included in the industry figures and reported separately due to its pivotal role in many economies.