Lower Tourism Revenue Expected for Egypt

Image via Wikipedia

Global financial crisis and its impact on the Egyptian economy may mean lower tourism revenue this year, according to Egypt’s minister of tourism.

Zohair Garanah said in an interview on Oct. 23 that the private sector is panicking because of the economic turmoil and is starting a price war, which will harm the industry in the long- term.

Tourism is the number one source of foreign currency income for Egypt, generating revenue of nearly $10 billion last year. Tourism accounted for 11.3 percent of gross domestic product in the last fiscal year, according to the minister. The country attracted 11 million tourists last year.

Bloomberg

Related articles by Zemanta

• Jack Shenker: The credit crunch hits Egypt

Related posts:

1. Egypt tourism continues on the rise
2. More striking numbers on Egypt tourism sector growth
3. Tourism in Egypt and Sudan: a comparison
4. Egypt Minister of Tourism to attend OECD tourism committee talks
5. Egypt reveals health tourism drive

Tags: Africa, Economic, Egypt, Fiscal year, Gross domestic product, New Year, Revenue

This entry was posted on Monday, October 27th, 2008 at 9:35 pm and is filed under Tourism. You can follow any responses to this entry through the RSS 2.0 feed.