CBE: Tourism revenues increase by 25.7%, record $7.3 bn during H1-2022/2023

The Central Bank of Egypt revealed, in its latest report on the performance of  Balance of Payments, issued today on its official website, that tourism revenues increased by 25.7%, to record $7.3 bn during the first half of the fiscal year 2022/2023, compared to $5.8 bn during the same period of the previous year.

This comes as a result of the increase in the number of night spent at a rate of 27.2%, to record 78.4 million nights, and the number of tourists coming to Egypt at a rate of 27.5%, to record 6.8% of one million tourists.

Moreover, the Central Bank indicated that trade deficit decreased by 28.4%, with a value of $6.2 bn, to be limited to about $15.5 bn during the first 6 months of the current fiscal year, compared to $21.7 bn during the same period of the last fiscal year.

Service balance surplus doubled, jumping by 92.62%, to record $10.868 bn during the first half of the fiscal year 2022/2023, compared to $5.642 bn during the same period of the fiscal year 2021/2022, an increase of $5.226 bn.

Capital and financial transactions account also achieved a net inflow of about $2.8 bn during the July/December 2022 period, compared to about $11.4 bn during the same period of the previous year.

As a result, Balance of Payments achieved a surplus of $599.1 mn during the first half of the fiscal year 2022/2023, compared to a deficit of $14.1 mn during the same period of the previous fiscal year.