Revenue From Tourism & Suez Canal Grew in 22/23 Fiscal Year

A new government report has revealed the economic sectors that reported the highest growth in the 2022/2023 fiscal year.

Topping the growth charts is tourism, reporting 28% growth and a USD 13.6 billion revenue. The Suez Canal sector comes in second, experiencing 18.4% growth and revenues amounting to USD 8.8 billion. This is the highest annual revenues ever achieved in the history of the canal, and is thought to be due to the success of marketing policies pursued by the Suez Canal General Authority as well as the savings achieved through raising chartering and shipping prices, rises in oil prices, and changes in global trade routes due to the Russian-Ukrainian war.

Other sectors that reported notable growth were the communications and information technology sector (16.3%), the social services sector (5.8%), and the construction sector (5.2%).