The World Journey & Tourism Council’s (WTTC) 2024 Financial Influence Analysis (EIR) experiences that the sector’s contribution to Egypt’s GDP grew virtually 24% final 12 months to succeed in a document E£953BN – practically 21% forward of the earlier peak.
The info additionally reveals that throughout sector jobs, worldwide and home customer spending, the sector absolutely recovered final 12 months to succeed in record-breaking ranges.
Home customer spending grew virtually 9% year-on-year to succeed in greater than E£328.5BN, whereas spending by worldwide guests noticed a robust 38.5% year-on-year development final 12 months, to succeed in E£470.4BN.
Jobs supported by the sector grew virtually 10% to succeed in greater than 2.5MN, representing one in 12 jobs throughout Egypt.
Though that is sturdy restoration, it continues to lag earlier document job numbers for the sector, set 15 years in the past in 2008, when job numbers reached 3.7MN.
Julia Simpson, WTTC President & CEO, stated; “Egypt’s Journey & Tourism sector has made a unprecedented restoration, surging previous earlier data, highlighting the sector’s resilience and its very important position in Egypt’s financial system.
“The Egyptian Authorities recognises the worth of Journey & Tourism to the Egyptian financial system and jobs, putting it on the forefront of the agenda, with an actual give attention to funding.”
What Does This Yr Look Like?
This 12 months, the sector’s GDP contribution is forecast to succeed in virtually E£988BN, accounting for 8.1% of Egypt’s financial system.
Worldwide customer spending is anticipated to develop 6.2% to succeed in simply below E£500BN this 12 months, with home customer spending anticipated to attain over E£340BN.
Sector jobs are projected to develop 5.7% to succeed in 2.67MN, to account for virtually one in 11 jobs in Egypt, though nonetheless beneath the earlier peak.
What Does the Subsequent Decade Look Like?
With the fitting authorities assist, WTTC is forecasting that the sector may develop its annual GDP contribution to E£1.57TN by 2034, representing 9.6% of Egypt’s financial system, and will probably make use of virtually 4MN folks throughout the nation.
What Does the Area Look Like?
Throughout North Africa, the Journey & Tourism sector is forecast to contribute E£2.2TN to the regional financial system this 12 months, accounting for 8.5% of the entire.
Sector-supported jobs are anticipated to rise to five.3MN, representing one in 11 jobs throughout the area.
Home customer spending is projected to succeed in E£960BN, while worldwide customer spending is anticipated to succeed in E£1TN this 12 months.
See all the information in our Egypt Journey & Tourism Financial Influence Report on the WTTC Analysis Hub.
