Egypt wary of dip in European travellers

04 July 2010

Egypt's tourism sector revenu rose 24% in the first quarter to $2.7bn, but ongoing trouble in European markets is making forecasts for next year less clear, Bloomberg has reported. Egypt's tourism industry will not be deeply affected this year by the ongoing financial turmoil in Europe, Minister of Tourism Zoheir Garranah told the news service. However, the long term outlook may be less rosy as the real fallout from Europe's financial crisis will begin to show come next year, he said, especially since 70% of tourists to Egypt come from European countries and use the euro as their currency. Coupled with the euro's depreciation in recent weeks, this may translate into a decline in the number of European tourists reaching Egypt's pristine beaches and historical sites.

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