Egypt achieves record USD 13 bn tourism revenues in 2019
Tourism revenues hit a record high of USD 13.03 bn in 2019, climbing more than 12% from USD 11.6 bn in 2018, according to data from the Central Bank of Egypt (here and here — pdfs). The industry’s previous record was USD 12.5 bn in 2010. Some 13.1 mn tourists visited Egypt in 2019, but average spending was higher than in 2010, according to Al Shorouk. Former Tourism Minister Rania Al Mashat had said that tourism revenues during FY2018-2019 reached USD 12.6 bn, despite lower arrival numbers. The minister explained at the time that tourists are staying longer and spending more.
Egypt was expecting to set another record in 2020, projecting USD 15 bn in tourism receipts. That forecast is now out the window with covid-19 putting the global industry into a flatline. Finance Minister Mohamed Maait told us earlier this week that he thinks it will take a year for the industry to mount a full recovery — a best case scenario, given what’s happening globally.
The average time for a tourism industry to recover after a crisis? 19.4 months, according to the World Travel and Tourism Council, which notes that it can take anywhere between 10 to 34.9 months (pdf) in the crises it studied.