Revenues were predicted to rally during this period, as the effects of the recession dissipated
(PRWeb UK) August 10, 2010
Egypt's Tourism Minister Zoheir Garrana has announced that the country’s tourism revenues from the first six months of 2010 have increased by 17.6 per cent compared to the same period last year. Garrana indicates a number of factors as contributing to the boost, including the strong euro driving holidaymakers out of the eurozone, record winter temperatures in Europe, and increasing numbers of Russian tourists now looking outside their own country for cheap holidays.
Tourism revenues reached $5.58 billion in the first half of 2010, compared to $4.6 billion in the same period last year. Meanwhile, industry analysts predict revenues to reach $12.4 billion by the end of the fiscal year, up on $10.8 billion in 2009.
“Revenues were predicted to rally during this period, as the effects of the recession dissipated,” says Ian Raine of holiday experts ulookubook.com. “There were other factors, of course, such as the weak pound driving British holidaymakers away from the eurozone, and the continued growth of Egypt’s robust package holiday industry – perhaps demonstrated best by the increased sales of holidays to Sharm el Sheikh the past quarter. Unfortunately the ash cloud did much to dampen growth in April, with arrivals only up five per cent, compared to 20 per cent the month before.”
Over 7 million tourists came to the country in the first half of 2010 – an increase of 21 per cent from the same period in 2009. Garrana points to the 95 per cent increase in Russian tourists booking holidays to Egypt - presumably to escape record low temperatures in their own country - contributing to the overall rise. Meanwhile, the average length of stay grew from 9.3 days in 2007 to over 10 days in 2010.
“It’s amazing what a bad winter can do to summer industry figures,” continues Raine. “The effect isn’t just limited to Egypt either, for the rest of the Mett - that’s Morocco, Egypt, Tunisia and Turkey – have all shown impressive Q2 numbers.”
Egyptian tourism is responsible for 11 per cent of the country’s GDP, with around one in eight Egyptians working in the industry.
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