Egypt Tourism Arrivals Decline 2.3 Percent

Tourism in Egypt is a substantial source of foreign currency and jobs and contributes about 11 percent to the country’s gross domestic product. Belltone Financial said it will take some time for tourist revenues to return to prior levels, even after tourist numbers return to their pre-crisis levels, Belltone explained “Figures imply that spending is recovering at a slower rate than that of tourism arrivals, as we had previously reported, as the appetite to spend on luxury items is still relatively subdued, compared to before the crisis.”