The World Travel & Tourism Council’s (WTTC) 2024 Economic Impact Research (EIR) paints a rosy picture for Egypt’s tourism sector. The report reveals a phenomenal year of recovery in 2023, with tourism contributing a record-breaking E£953 billion (Egyptian Pounds) to the nation’s GDP – a staggering 24% increase compared to the previous year. This surpasses the previous peak by nearly 21%, solidifying tourism’s position as a critical pillar of the Egyptian economy.
A Year of Remarkable Recovery
The 2023 tourism performance in Egypt is nothing short of extraordinary. Across all sectors, the industry witnessed a complete resurgence, shattering previous records. Both domestic and international visitor spending skyrocketed, contributing significantly to the overall economic impact. Domestic traveler spending jumped by an impressive 9% year-over-year, reaching E£328.5 billion. International visitors, on the other hand, fueled a remarkable 38.5% surge in spending, reaching a staggering E£470.4 billion. This growth highlights the renewed appeal of Egypt as a tourist destination and the return of international travel confidence.
Employment Opportunities on the Rise
The tourism boom has also translated into increased employment opportunities within the sector. Job creation within tourism-related industries witnessed a near 10% rise in 2023, reaching over 2.5 million jobs. This translates to roughly one in twelve jobs across the entire nation being directly or indirectly supported by tourism. While this marks a significant advancement, it’s important to note that it still falls short of the record set in 2008, when tourism employment peaked at 3.7 million.
Governmental Support and Optimistic Projections
The Egyptian government has recognized the crucial role of tourism in driving economic growth and job creation. This recognition is evident in their efforts to prioritize the sector by placing it at the forefront of national agendas and focusing on strategic investments. The WTTC report echoes this optimism, projecting continued growth in the years ahead. For 2024, the sector’s contribution to the GDP is expected to climb further, reaching nearly E£988 billion, representing approximately 8.1% of the entire Egyptian economy. International visitor spending is projected to grow by 6.2%, exceeding E£500 billion, while domestic spending is forecasted to surpass E£340 billion. Job creation is also expected to maintain its upward trajectory, with an anticipated growth of 5.7% to reach 2.67 million, representing nearly one in eleven jobs across Egypt.
A Promising Long-Term Outlook
Looking beyond the immediate future, the WTTC report outlines a promising long-term outlook for Egyptian tourism. With continued government support and strategic investments, the sector holds the potential to contribute an annual GDP of E£1.57 trillion by 2034. This translates to a significant increase, accounting for an impressive 9.6% of the projected national economy. Furthermore, job creation within the sector could potentially reach nearly 4 million by 2034, creating significant employment opportunities for Egyptians across the country.
A Booming Tourism Region: North Africa Experiences Growth
The positive trends observed in Egypt are not isolated. The report indicates robust growth across the entire North African region. In 2024, the tourism sector is projected to contribute a staggering E£2.2 trillion to the regional economy, representing 8.5% of the total GDP. Job creation within the sector is also expected to flourish, with an anticipated rise to 5.3 million jobs, representing one in eleven jobs within the region. Domestic spending is expected to reach E£960 billion, while international visitor spending is forecasted to surpass E£1 trillion in 2024. This regional growth further underscores the vital role of tourism in driving economic prosperity across North Africa.
