CAIRO: Egypt's economy suffered roughly 37 billion EGP (U.S. $6.2 billion) in mid-March. Many companies and factories have been suspended since Egypt's January 25 Revolution. Transfers of funds, which account for 8 percent of Egypt's GDP, have been reduced. Merchandise exports suffered a 40 percent reduction. The Egyptian pound dropped against the dollar, euro, and Japanese yen. According to a study prepared by the National Institute for Planning, losses in the tourism sector reached approximately 18 billion EGP (U.S. $3 billion) due to the decline tourism after the Revolution. Tourism represents 31 percent of Egypt's GDP and its market pays around 3.5 million workers. The aviation sector has been also affected. There has been a loss of approximately 700 million EGP (U.S. $118 million) and 56 percent reduction in passenger rate. Hotel reservations, travel and foreign trips on Egypt's airlines have also reduced for the past three months. Arabic here.
