Number of tourists visiting Egypt slumps 46% in 1st quarter

CAIRO - The number of tourists visiting Egypt slumped 46 percent in the first quarter when mass protests ousted President Hosni Mubarak, the government's statistics agency said on Sunday.var zflag_nid='794'; var zflag_cid='1091/988'; var zflag_sid='122'; var zflag_width='300'; var zflag_height='250'; var zflag_sz='9'; The unrest that began on Jan. 25 prompted embassies to issue travel warnings and many tour groups canceled trips, throwing an industry that is a major source of foreign currency into crisis. Foreign reserves fell to $28.0 billion in April, the lowest in four years. "The tourism industry is still affected by the recent events in Egypt causing a great decline in the number of tourists ... which reached 1.9 million tourists," the Central Agency for Public Mobilization and Statistics (CAPMAS) said. Egypt's economy contracted an estimated 7 percent in the January-March quarter. The International Monetary Fund has projected growth of 1.0 percent this year, down from 5.1 percent in 2010.

Number of tourists visiting Egypt slumps 46% in 1st quarter

The unrest that began on Jan. 25 prompted embassies to issue travel warnings and many tour groups canceled trips, throwing an industry that is a major source of foreign currency into crisis.

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