In a remarkable comeback, Egypt’s tourism industry has surged, reaching record highs in 2023. The World Travel & Tourism Council (WTTC) reports that the sector’s contribution to the country’s gross domestic product (GDP) has increased by nearly 24%, surpassing the previous peak by a significant 21%. This positive trend extends to job creation and visitor spending, both domestic and international, which have exceeded pre-pandemic levels.
Despite challenges, Egypt’s tourism sector is poised for continued growth. The WTTC forecasts even stronger performance in 2024, with the sector’s GDP contribution expected to reach E£988 billion, accounting for 8.1% of the national economy. International visitor spending is projected to climb by 6.2%, reaching nearly E£500 billion. Domestic spending is also anticipated to rise above E£340 billion.
Job Creation and Resilience
Employment in the sector has risen 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. However, industry experts remain optimistic about the sector’s resilience and its crucial role in Egypt’s economy.
Long-Term Potential
With continued government support, the WTTC forecasts significant growth 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
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. Both domestic and international visitor spending are projected to see significant increases.
