Egypt’s tourism revenues dropped 43 percent in first quarter of 2014 compared to the same period the previous year to register $1.3 billion, reported Reuters Wednesday.
The Ministry of Tourism was not immediately available to confirm the results to Ahram Online.
The decline is seen as a consequence of the Taba attack in February that killed three South Korean tourists, Adella Ragab, economic advisor to the minister of tourism, told Reuters.
The Taba attack, on a bus that was travelling to Israel from St Catherine's Monastery, a popular tourist destination in South Sinai, was the first assault on tourists since former president Mohamed Morsi's ouster in July 2013 spurred an Islamist insurgency.
Egypt received around two million tourists in the first three months of 2014 — a 30 percent drop on the same period the previous year.
Tourism revenues, along with remittances and Suez Canal revenues, represent a main source for foreign currency in Egypt.
The ailing tourism sector, which represents 11 percent of the country’s gross domestic product, has seen several blows since the 2011 January uprising.
Most recently, Germany’s second-biggest airline, Air Berlin, suspended all flights to Sharm El-Sheikh until 30 April, citing deteriorating security conditions for foreign tourists.
The Ministry of Tourism then launched a series of precautionary measures to bolster security in Red Sea touristic cities.
Despite the ministry’s efforts to counter challenges facing the sector, revenues declined around 41 percent in 2013 compared to a year earlier, to register $5.9 billion.