CAIRO: Egyptian tourism revenues have declined by 21.6 p.c over the last fiscal yr as a result of the coronavirus pandemic, the nation’s central bank has mentioned.
About 2.3 million Egyptian residents additionally misplaced their jobs amid the pandemic in the course of the fourth quarter of the fiscal yr.
A report by the Central Bank of Egypt mentioned that tourism and travel receipts recorded $9.85 billion in gross sales over the last fiscal yr, in comparison with about $12.57 billion in the course of the earlier fiscal yr, which was an all-time excessive.
The repercussions of the outbreak negatively impacted Egypt’s revenues from tourism, which had been anticipated to proceed to succeed in historic ranges.
In January, Danielle Curtis, director of the Arabian Travel Market within the Center East, mentioned that tourism revenues in Egypt would leap to $29.7 billion over the following 5 years at a compound annual progress fee of 13 p.c.
In a report for the Arabian Travel Market issued in January, Curtis mentioned that Egypt is a significant international marketplace for Gulf Cooperation Council nations because it obtained 1.84 million guests from the area in 2019. The nation is predicted to attain outstanding progress, bringing the full variety of guests arriving from the Gulf to 2.64 million by 2024, Curtis added.
One other report by monetary group Hermes Holding issued in January predicted that Egyptian tourism revenues would exceed $20 billion yearly within the subsequent 5 years.
Hermes Holding cited nice efforts by Egypt towards restoring its world tourism place, highlighting the reform technique that the Ministry of Tourism has developed since 2018, which has contributed considerably to restoration efforts.
The Egyptian Ministry of Finance mentioned that 28 p.c of those that misplaced their jobs in the course of the fourth quarter had been within the wholesale and retail commerce sector, 25 p.c within the manufacturing sector, 21 p.c within the meals and lodging providers sector, 14 p.c within the transportation and storage sector and 13 p.c within the development sector.
The unemployment rate reached its highest stage in two years at 9.6 p.c within the second quarter of 2020, in comparison with 7.7 p.c within the first quarter.
The variety of unemployed Egyptians in the course of the fourth quarter of the fiscal yr totaled 2.574 million in comparison with 2.236 million within the third quarter.
Egypt’s retail sector incurred the most important variety of job losses in the course of the pandemic, reporting 624,000. It was adopted by the manufacturing sector with 569,000 jobs, the meals, drinks, and hospitality sector with 469,000 jobs, the transportation and storage sector with 309,000 jobs, and the development sector with 288,000 jobs.
Nevertheless, the unemployment rate recorded a rebound from pre-pandemic ranges within the first quarter of the brand new fiscal yr, reaching 7.three p.c on account of Egypt’s gradual easing of precautionary measures.
