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Egypt tourism revenues see improvement

The revenues from tourism tripled in the fiscal year that ended on 30th of June 2017 compared to last year.

Q4 of this fiscal year saw tourism revenues triple; reaching $1.5bn by the end of June 2017 compared t0 $510 million last year.

Tourist receipts rose by 16% in 2017 and workers’ remittances increase by 2%. The increase has been gradual since November, when the government took on an economic reform program that included devaluating the Egyptian pound and acquiring a $12bn IMF loan.

Tourism has as many as 2.9% of Egypt’s work force, according to Bloomberg, however the number of people who benefit from the industry indirectly is even higher.

With all these improvements, however, Egypt’s tourism sector’s performance is still below the numbers of 2010 where revenues from tourism stood at more than $11 bn.