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Tourism revenues in Egypt to rise to $14.4 bln: Fitch Solutions

The Fitch Solutions agency issued a report expecting tourism revenues in Egypt to rise to US$14.4 billion in 2023, compared to $13 billion during 2022.

The report anticipates recovery in the tourism sector in Egypt to continue since the end of the COVID-19 pandemic closures.

Tourism flow to Egypt grew by 117.5 percent in 2021 on an annual basis, to reach eight million tourists, compared to 3.7 million in 2020.

The influx of tourists during 2023 continues at higher levels than before the COVID-19 pandemic in 2019, as a result of taking advantage of pent-up travel demand after the lockdowns and the end of the peak repercussions of the Russian-Ukrainian crisis.

The agency further expects an increase in the number of tourists to Egypt by 11.6 percent on an annual basis, reaching 13.1 million in 2023 compared to 11.7 million in 2022, which will be reflected in tourism revenues.

It expects the rise of tourism revenues to be about $14.4 billion compared to $13 billion during same period.

Europeans are expected to top the number of tourists coming to Egypt, to reach about 8.6 million in 2023 which is higher than pre-COVID-19 figure of about 8.4 million European tourists in 2019.

Fitch Solutions expects Europe to remain an important source of tourism in the short to medium terms, especially in light of Egypt targeting the diverse European market.

In addition to Western European markets including the UK, Germany, Italy and France, Egypt is targeting developing markets in central and eastern Europe as well as Russia, Ukraine, Poland and the Czech Republic.

Incoming tourism from the Middle East comes comes in second place after Europe.

Middle Eastern tourists are expected to reach 3.3 million in 2023, compared to 3.2 million in the pre-COVID-19 era in 2019.

According to the Information and Decision Support Center at the Cabinet, Fitch Solutions expects tourist flow to Egypt to continue to increase in the medium term (2023-2027) to reach 15.2 million, with an annual growth rate of 5.4 percent on average.

Thus international tourism revenues will increase in line with the increase in the number of tourists, from $14.4 billion in 2023 to $17.4 billion in 2027, supported by improved consumer spending in Europe, the Middle East and North Africa.

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