Egypt’s tourist revenue nearly tripled in the last three months of the fiscal year, ending in June, helping to mark yet another step in the country’s economic recovery. According to information from the Egyptian Central Bank, only tourism revenue grew by US $ 1.5 billion in the fourth quarter, a value of US $ 510 million higher than in the same period of last year.

In relation to the accumulated of the year, revenues grew 16% and reached a total of US $ 4.4 billion. Employers’ remittances grew 9% in the fourth fiscal quarter, totaling US $ 4.8 billion, and rose 2%, which marked an amount of US $ 17.4 billion during the year. The data are further evidence of a gradual improvement but Egypt’s external finances since November last year – when the Egyptian government started an economic program that includes measures such as cutting subsidies and public spending in order to secure a loan Of the IMF at $ 12 billion.

The country’s tourist industry is slowly recovering, given the negative image it received after a Russian plane crashed in 2015, prompting Russia and other nations to ban some air operations for the region. Despite this, only Tourism has employed more than 773,000 people in the last year (corresponding to 2.9% of the country’s formal workforce), according to the World Tourism Council. In contrast, the number of people who benefit indirectly from the sector is much higher.

Although the outlook is positive, revenue is still less than the $ 11.6 billion obtained by mid-2010 – just months before the deposition of dictator Hosni Mubarak and triggered a cycle of financial and political instability in the country. Among the current austerity measures, the Egyptian central bank raised interest rates by 700 basis points, or about seven percentage points, since November to contain inflation. As a result, the measures helped attract $ 40 billion in investments and transfers from abroad.

Photo: Reproduction

Source: Panrotas