Egypt’s Travel and Tourism Sector Hits Record Growth in 2023
EGYPT’S TRAVEL AND TOURISM SECTOR HITS RECORD GROWTH, CONTRIBUTING E£953BN TO GDP IN 2023. JOBS AND VISITOR SPENDING ALSO REACHED NEW HEIGHTS.
The World Travel & Tourism Council’s (WTTC) 2024 Economic Impact Research (EIR) shows Egypt’s travel and tourism sector soared by nearly 24% last year. This growth pushed the sector’s contribution to Egypt’s GDP to a record E£953BN, about 21% higher than the previous peak.
Domestic and international visitor spending reached new heights. Domestic spending grew by almost 9%, hitting over E£328.5BN. Meanwhile, international visitor spending surged by 38.5%, reaching E£470.4BN. This robust recovery indicates the sector’s resilience and its importance to Egypt’s economy.
Sector-supported jobs increased by nearly 10%, reaching over 2.5MN jobs. This means one in 12 jobs in Egypt is now in the travel and tourism sector. Despite this growth, job numbers still lag behind the 2008 peak of 3.7MN jobs.
WTTC President & CEO Julia Simpson praised the sector’s recovery. She highlighted its essential role in Egypt’s economy and the government’s focus on investment in this sector.
Egypt’s travel and tourism: Forecast for 2024 & Long-Term Projections
This year, the sector’s GDP contribution is forecasted to reach almost E£988BN, accounting for 8.1% of Egypt’s economy. International visitor spending is expected to grow by 6.2%, reaching just under E£500BN. Domestic visitor spending is anticipated to exceed E£340BN.
Looking ahead, WTTC predicts that with the right government support, Egypt’s travel and tourism sector could boost its annual GDP contribution to E£1.57TN by 2034. This would represent 9.6% of Egypt’s economy and could potentially employ nearly 4MN people across the country.
Across North Africa, the travel and tourism sector is forecasted to contribute E£2.2TN to the regional economy this year. This accounts for 8.5% of the total. Sector-supported jobs in the region are expected to rise to 5.3MN, representing one in 11 jobs. Domestic visitor spending is projected to reach E£960BN, while international visitor spending is anticipated to hit E£1TN this year.
