Thursday, June 27, 2024
Reading Time: 2 minutes
The latest report from the World Travel & Tourism Council (WTTC) for 2024 indicates a significant upswing in the sector’s contribution to Egypt’s GDP. Last year, there was an almost 24% increase, reaching an unprecedented E£953 billion—21% higher than the prior peak.
The report also highlights that the sector has achieved full recovery, with job creation, along with domestic and international spending, hitting all-time highs.
Domestic tourism spending saw a near 9% increase from the previous year, totaling over E£328.5 billion. Moreover, spending by international tourists surged by 38.5%, reaching E£470.4 billion.
Employment in the sector increased by nearly 10%, exceeding 2.5 million jobs, which accounts for one in every 12 jobs in Egypt. However, despite this robust recovery, employment figures have yet to surpass the high of 3.7 million jobs recorded in 2008.
Julia Simpson, WTTC President & CEO, said; “Egypt’s Travel & Tourism sector has made an extraordinary recovery, surging past previous records, highlighting the sector’s resilience and its vital role in Egypt’s economy.
“The Egyptian Government recognises the value of Travel & Tourism to the Egyptian economy and jobs, placing it at the forefront of the agenda, with a real focus on investment.”
Looking ahead to this year, the WTTC predicts the sector will contribute roughly E£988 billion to the GDP, making up 8.1% of Egypt’s total economy.
Spending by international visitors is expected to grow by 6.2% to just under E£500 billion, while domestic spending is projected to exceed E£340 billion.
Employment in the sector is also expected to rise by 5.7%, reaching approximately 2.67 million jobs, which will represent nearly one in 11 jobs nationwide, still falling short of previous highs.
For the next decade, with adequate government backing, the WTTC forecasts that the sector could increase its annual GDP contribution to E£1.57 trillion by 2034, which would account for 9.6% of the national economy and could support nearly 4 million jobs.
Regionally, across North Africa, the travel and tourism sector is expected to contribute E£2.2 trillion to the regional economy this year, accounting for 8.5% of the total.
Jobs supported by the sector are likely to increase to 5.3 million, representing one in 11 jobs in the region.
Projected domestic visitor spending is set to reach E£960 billion, while international spending is anticipated to hit E£1 trillion.
