The number of tourists arriving in Egypt in 2009 fell 2.3 per cent to 12.5 million according to an Al-Ahram report released on Thursday. The decline is attributed to more travelers staying home due to the global economic slowdown and fears over the H1N1 virus. However, tourists from Europe and Russia, where winter is in full swing, continue to flock to Egypt in search of warmer weather and beautiful beaches.
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.”
