46% increase in Egypt's revenues from tourism in 3 months ... Masrawy

06:15 PM

Thursday, January 10,

Books - Mustafa Eid:

Egypt's revenues from tourism rose during the first three months of this fiscal year by 45.7% compared to the same period of 2017-2018, the Central Bank of Egypt data showed.

Egypt's revenues from tourism in July-September of 2018-2019 were about $ 3.93 billion, compared to $ 2.7 billion in the same period last year, according to a central bank statement on Thursday.

The tourism movement in Egypt has recovered during the past period after the increase in the number of tourists coming from several regions including European, Asian and Arab markets, while allowing the resumption of flights between Cairo and Moscow, despite the continued ban directly to Sharm El Sheikh and Hurghada.

During 2017-2018, Egypt's revenues from the tourism sector jumped by 123.9% to about $ 9.9 billion, compared to $ 4.4 billion in 2016-2017.

The Central Bank of Egypt said that the balance of travel recorded a surplus of about 3.2 billion dollars in the first quarter of this year compared to about 2 billion dollars in the same period of 2017-2018.

The decline in the current account deficit during the first quarter of this year compared with the same period of last fiscal year at about 1.8 billion dollars.

The current account includes the trade balance, which reflects the difference between exports and imports, and the service balance, which monitors the country's receipts from services such as tourism and transport, as well as current transfers, which include remittances of Egyptians abroad, as well as official transfers including aid and grants.

The current transactions account is used to measure the gross national income of the country, as well as spending on consumption and investment.

Any improvement in the current account deficit reflects an improvement in the country's national income versus spending, whether on consumption or investment.

The balance of payments recorded a total surplus of about 284 million dollars during the first three months of this fiscal year.

The balance of payments monitors Egypt's economic transactions with the outside world.