Egypt’s tourism revenues increased by 26.8% in FY 2022/2023

Egypt's tourism sector is experiencing a notable resurgence, with the financial year 2022/2023 bringing a staggering 26.8% increase in revenues compared to the previous fiscal year, reaching $13.6 billion from $10.7 billion. This leap in revenues implies the government's successful strategic efforts to stimulate tourist inflow into the country. One of the main achievements is attracting 7 million tourists during the initial six months of 2023 alone, a significant accomplishment for the tourism industry. The number of tourists visiting Egypt increased by 35.6%, totaling approximately 13.9 million. Furthermore, tourists spent more nights in Egypt with a 27.6% increase recording 146.1 million nights in FY 2022/2023. April stood out as the month with the highest tourist number, which reached 1.3 million. The increased revenues from tourism, along with contributions from the Suez Canal, have had a profound impact on Egypt's economy. In fiscal year 2021/2022, a deficit of $10.5 billion in its Balance of Payment was turned into a surplus of $882 million in FY 2022/2023. Acknowledging the importance of tourism as a major foreign currency earner, the Egyptian government has ambitious plans to double the tourist numbers in the next five years, aiming to reach 30 million tourists by 2028. This objective will be pursued through strategic measures such as enhancing the tourism sector's infrastructure, boosting digital transformation, increasing hotel capacity, linking tourist destinations, and developing the legislative structure for stimulating investment.