TravTalk Middle East Online Magazine
The WTTC’s 2024 Economic Impact Research revealed that the sector’s contribution to Egypt’s GDP grew almost 24% last year to reach E£953 billion – nearly 21% ahead of the previous peak.
TT Bureau
According to the World Travel & Tourism Council’s (WTTC’s) 2024 Economic Impact Research (EIR), last year, international and domestic visitor spending in Egypt recorded considerable increase. Domestic visitor spending in the country grew almost 9 per cent year-on-year to reach more than E£328.5 billion (bn), while spending by international visitors saw a strong 38.5 per cent year-on-year growth, to reach E£470.4 bn during the year.
Jobs supported by the sector grew almost 10 per cent to reach more than 2.5 million (mn), representing one in 12 jobs across Egypt. Although this is strong recovery, it continues to lag previous record job numbers for the sector, set 15 years ago in 2008, when job numbers reached 3.7 mn.
Julia Simpson, President & CEO, WTTC, said; “Egypt’s Travel & Tourism sector has made an extraordinary recovery, surging past previous records, highlighting the sector’s resilience and its vital role in Egypt’s economy. The Egyptian Government recognises the value of Travel & Tourism to the Egyptian economy and jobs, placing it at the forefront of the agenda, with a real focus on investment.”
This year, the sector’s GDP contribution is forecast to reach almost E£988 bn, accounting for 8.1 per cent of Egypt’s economy. International visitor spending is anticipated to grow 6.2 per cent to reach just under E£500 bn this year, with domestic visitor spending expected to reach over E£340 bn.
