Egypt to report 25% slump in tourism revenues in 2011: Tourism Minister
Egypt's Tourism Minister Mounir Fakhry Abdel Nour stated Egypt's tourism industry will likely reported a 25% slump in revenues in 2011 and will need until Sep-2011 to get back on track (Reuters, 11-Apr-2011). Tourism revenues in Mar-2011 declined 60% year-on-year. Tourism is Egypt's largest foreign currency earner and contributes more than 10% of GDP. It provides one-in-eight jobs in the country.
Egypt Government: "Our revenues of 2010 were USD12.5 billion, we should be 25% below that in 2011. Egypt is in transition, at the end of the day, and any transition path could be bumpy. Until today, we have not recouped the normal pace of tourism in Egypt. That was expected and it is understandable. But we expect to be back on track by September," Mounir Fakhry Abdel Nour, Tourism Minister. Source: Reuters, 11-Apr-2011.