Egypt’s tourism revenues down 22%, net FDI slides 9.5% in FY19/20

Cairo – Mubasher: Egypt’s tourism revenues dropped by 21.6% year-on-year (YoY) to $9.85 billion during fiscal year 2019/2020, compared to a historic level of $12.57 billion a year earlier, pressured by the coronavirus (COVID-19) pandemic, the Central Bank of Egypt (CBE) said.

In addition, net foreign direct investment (FDI) registered $7.5 billion in the year ended 30 June, down by 9.5% YoY from $8.2 billion, a report released by the CBE showed on Monday.

Total inflows of FDI in Egypt fell by 3.4% to $15.8 billion in FY19/20 from $16.4 billion in the prior year, while total outflows rose by 2.8% to $8.4 billion from $8.2 billion in FY18/19.

Net investments in non-oil sectors declined by $383.4 million to $1.1 billion, whereas net investments in the oil sector slumped by 68.2% to $1.1 billion.

Mubasher Contribution Time: 01-Dec-2020 08:19 (GMT)
Mubasher Last Update Time: 01-Dec-2020 08:19 (GMT)