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Sunday, 27 October 2019

Peak UK tourist numbers would increase GDP by 0.15% each year -Capital Economics

The Egyptian economy would receive a 0.15% GDP boost if the number of UK tourists returns to its pre-2011 peak, Capital Economics’ senior EM economist Jason Tuvey wrote in a note on Friday. Arrivals from the UK have remained 75% below their peak amid a four-year ban on flights to Sharm El Sheikh and continued political uncertainty. The UK’s decision to lift its flight restrictions last week is a “boon for the country’s tourism sector” that will contribute to increasing economic growth next year, Tuvey says. Red Sea Holidays announced hours after the ban was lifted that it would launch weekly charter flights from late December. TUI, meanwhile, is looking to start flights next summer and Easyjet is considering its options.

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