LONDON, UK – The World Travel & Tourism Council’s (WTTC) 2024 Economic Impact Research (EIR) has revealed that the sector’s contribution to Egypt’s GDP grew almost 24% last year to reach a record E£953bn. – nearly 21% ahead of the previous peak. The data also shows that across sector jobs, international and domestic visitor spending, the sector fully recovered last year to reach record-breaking levels. Domestic visitor spending in Egypt grew almost 9% year-on-year to reach more than E£328.5bn., while spending by international visitors saw a strong 38.5% year-on-year growth last year, to reach E£470.4bn.
Jobs supported by the sector grew almost 10% to reach more than 2.5m., representing one in 12 jobs across Egypt. Although this is strong recovery, it continues to lag previous record job numbers for the sector, set 15 years ago in 2008, when job numbers reached 3.7m.
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.”
This year, the sector’s GDP contribution is forecast to reach almost E£988bn, accounting for 8.1% of Egypt’s economy. International visitor spending is anticipated to grow 6.2% to reach just under E£500bn this year, with domestic visitor spending expected to reach over E£340bn. Sector jobs are projected to grow 5.7% to reach 2.67MN, to account for almost one in 11 jobs in Egypt, although still below the previous peak.
With the right government support, WTTC is forecasting that the sector could grow its annual GDP contribution to E£1.57tn. by 2034, representing 9.6% of Egypt’s economy, and could potentially employ almost 4m. people across the country.
The article WTTC: Travel & Tourism could represent 9.6% of Egypt’s economy by 2034 first appeared in TravelDailyNews International.