Tourism revenues up 170% y-o-y in first seven months of the year

Tourism revenues have increased by 170% y-o-y in the first seven months of 2017, a government official told Reuters. Tourism revenues came in at USD 3.5 bn as the number of tourists increased 54% y-o-y to 4.3 mn in the year to July. The number of arrivals has already almost surpassed last year’s total tally of 4.5 mn visitors. Three-quarters of the visitors were European and 20% were Arab. The official attributes the increase in arrivals to a rise in visitor numbers from Germany and Ukraine. While we have to note that the EGP devaluation plays an important in this increase — Egypt is now ridiculously affordable in hard-currency terms — the unnamed official says the government aims to increase the number of tourists to eight mn this year, despite the continued Russian flight ban. That target is still well below the 2010 peak of 14.7 mn visitors.