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Friday, 29 May 2020

Egypt’s tourism sector revenues up to $12.9 bln, but significant losses expected over coronavirus

Doaa A.Moneim , Wednesday 1 Apr 2020
Pyramids
Egyptian municipality workers disinfect the Giza pyramids necropolis on 25 March, as a protective measure against the spread of coronavirus (photo: AFP)
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Egypt’s tourism sector revenues were up to $12.9 billion between the second quarter of FY2018/2019 and the end of the first quarter of FY2019/2020, up from $11 billion during the same period the previous fiscal year, according the Central Bank of Egypt’s statistical report.
 
The report showed that the tourism sector saw an increase in revenues by the end of the first quarter of FY2019/2020, recording $4.2 billion, up from $3.9 billion during the same quarter in FY2018/2019, an increase of $300 million.
 
The sector’s revenues were up to $7.2 billion during the first half of FY2019/2020, with an increase worth $459.7 million compared to the same period of the previous fiscal year.
 
The tourism sector is among the top economic sectors significantly affected on the back of the COVID-19 outbreak. According to Minister of Tourism and Antiquities Khaled Al-Anani, losses in the sector could reach $1 billion due to the current crisis.
 
Moreover, Prime Minister Mostafa Madbouly said in a press conference on 18 March that losses from the suspension of air traffic could reach EGP 2.25 billion ($143 million).
 
According to the International Monetary Fund’s COVID-19 impacts tracker, which launched its first report on Tuesday, the COVID-19 epidemic is likely to impact the Egyptian economy primarily due to declining travel and tourist activity, reduced worker remittances, capital outflows, and slowdown in domestic activities as people are asked to stay home.
 
With the announcement of the first infection of C0VID-19 in Egypt, the government suspended flights at all airports from 19 to 31 March, which was later extended for two more weeks amid the rise in infections.
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