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Egypt avoids the currency crisis and booms

13/07/2010

The credit crunch and the “Eurozone” crisis in countries like Greece, Spain and Portugal have not hammered the Egyptian tourist trade.

According to Egypt's Tourism Minister, Zoheir Garrana, tourism revenues were up 18% in the first half of 2010 to US $5.6 billion.
Holidaymakers focused on finding the best deals available are looking further afield to non euro zone countries such as Egypt where their money goes further. Tourism revenues are up and the sector is accounting for 11% of Egyptian GDP … equivalent to 1 in every 8 jobs according to Ministry figures.

More than 7 million tourists have visited Egypt so far this year and 15 million are expected by the end of the year. The majority of them come from Britain, Germany, France, Italy and Russia.

Demand for holiday and second home properties is increasing accordingly says the Egyptian government.

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