The World Travel & Tourism Council (WTTC) reports a remarkable comeback for Egypt’s tourism industry in 2023. The sector’s contribution to the country’s gross domestic product (GDP) surged by nearly 24%, reaching a record E£953 billion – exceeding the previous peak by a significant 21%.
This positive trend extends to job creation, visitor spending (both domestic and international), all exceeding pre-pandemic levels. Domestic spending grew by 9% to E£328.5 billion, while international visitor spending skyrocketed by 38.5% to an impressive E£470.4 billion. Employment in the sector rose nearly 10% to over 2.5 million jobs, representing one in twelve jobs across Egypt.
While this is a strong recovery, it hasn’t yet surpassed the record number of jobs set in 2008, which stood at 3.7 million.
Industry experts remain optimistic. WTTC President & CEO Julia Simpson highlights the sector’s resilience and its crucial role in Egypt’s economy. She acknowledges the government’s proactive approach, prioritizing tourism investment.
Looking Ahead: Continued Growth Expected
The WTTC forecasts even stronger performance in 2024. The sector’s GDP contribution is expected to reach E£988 billion, accounting for 8.1% of the national economy.
International visitor spending is projected to climb 6.2%, reaching nearly E£500 billion.
Domestic spending is also anticipated to rise above E£340 billion. Job creation is expected to see a 5.7% increase, bringing the total to 2.67 million, representing almost one in eleven jobs in Egypt.
Long-Term Potential: A Bright Future
With continued government support, WTTC forecasts a significant increase in the sector’s contribution to Egypt’s GDP by 2034.
The sector’s annual contribution could potentially reach E£1.57 trillion by then, accounting for a substantial 9.6% of the economy.
Employment could also see a major boost, potentially reaching nearly 4 million people across the country.
Regional Outlook: North Africa Poised for Growth
The broader North African region is also expected to experience positive growth in its Travel & Tourism sector.
The sector’s contribution to the regional economy this year is projected to reach E£2.2 trillion, representing 8.5% of the total.Jobs in the sector are expected to rise to 5.3 million, representing one in eleven jobs across the region.
Domestic and international visitor spending are both projected to see significant increases, reaching E£960 billion and E£1 trillion respectively
