Egypt earned USD 5.9bn worth of tourism income in 2013, marking a 41% decline, tourism minister Hisham Zaazou told Reuters. The reading was expected as the political and security turmoil witnessed in the second half of the year following the ousting of President Mohammed Morsi has sharply weighed on the value-added tourism industry. Lower tourism proceeds also imply weak external position and flattening FX reserves in the near term. Falling tourism revenues reduced the net services surplus to just USD 135mn in Q1 of Egypt's FY, which started on July 1 , from USD 1.64bn the previous year. Tourism receipts during the quarter sank to USD 931.1mn from USD 2.64bn a year earlier, according to central bank data. The number of tourist nights spent in Egypt between July and September fell 57% y/y to about 15mn.
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