RIYADH: Tourism revenues in Egypt recorded an annual rise of 14.9 percent during the first nine months of the fiscal year, reaching approximately $14.4 billion, the country’s prime minister revealed.
Speaking at a weekly cabinet meeting Mostafa Madbouly also revealed remittances from Egyptians working abroad rose to approximately $34.9 billion over the period, compared with about $26.4 billion a year earlier, according to a statement.
He also pointed to a decline in annual inflation to 13 percent in May, indicating easing inflationary pressures and a slower pace of price increases compared with previous months.
Tourism remains a key pillar of Egypt’s economic strategy. The government aims to attract 30 million tourists annually by 2030, more than double current levels, as part of a broader plan to expand tourism capacity, increase foreign currency inflows, and strengthen the sector’s contribution to economic growth.
The improvement in key economic indicators comes as the Central Bank of Egypt expects the economy to expand by between 4.3 percent and 4.5 percent in the current fiscal year, with average annual inflation projected at around 12 percent.
