Lower Tourism Revenue Expected for Egypt
October 27, 2008 · Filed Under Egypt tourism
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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.
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