Morocco’s Tourism Revenues Drop 69% in Q1 2021

Moroccan tourism sector lost 78% of the number of tourists and 69% of its quarterly revenue due to the coronavirus pandemic. (Reuters)
Moroccan tourism sector lost 78% of the number of tourists and 69% of its quarterly revenue due to the coronavirus pandemic. (Reuters)
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Morocco’s Tourism Revenues Drop 69% in Q1 2021

Moroccan tourism sector lost 78% of the number of tourists and 69% of its quarterly revenue due to the coronavirus pandemic. (Reuters)
Moroccan tourism sector lost 78% of the number of tourists and 69% of its quarterly revenue due to the coronavirus pandemic. (Reuters)

Morocco’s tourism sector has been “gravely affected” by the coronavirus pandemic, said Minister of Tourism Nadia Fettah Alaoui during a session at the parliament.

Almost 430,000 tourists visited the kingdom by late March, she explained, a 78 percent drop compared to the same period in 2020.

Minister of Solidarity and Social Development Jamila El Moussali said tourism revenues did not exceed 5.3 billion dirhams ($530 million) in Q1 2021, a 69 percent drop from the same period last year.

Air traffic in all Moroccan airports was also affected, recording a 70.16 percent drop compared to 2020 and a 73.9 percent decline compared to 2019.

She expected a similar scenario until 2023, with full recovery anticipated the year after.

As for the national air carrier, Royal Air Maroc (RAM), Alaoui said most of its flights have been suspended.

Alaoui pointed to a stimulus package of up to 2,000 dirhams ($227) to tourism companies, tour guides, and restaurants registered in the National Social Security Fund (CNSS).

She stated that 5,518 companies submitted requests by late April to benefit from the program and pay the salaries of more than 79,000 employees.

The government had earlier approved a 2020/2022 program, which according to Alaoui, aims to preserve jobs and improve the tourism sector.

While the government is preparing to lift health restrictions, the minister said a program has been set to support small and medium tourism enterprises and to encourage domestic tourism.

The ministry is currently working on in-depth studies on foreign and domestic markets, as well as promotional campaigns, in preparation for the revival of the tourism season, Alaoui explained.



Egypt Quarterly Current Account Deficit Eases to $2.1 Billion on Higher Remittances

A man walks in front of the new headquarters of Central Bank of Egypt, in Cairo, Egypt, November 3, 2024. (Reuters)
A man walks in front of the new headquarters of Central Bank of Egypt, in Cairo, Egypt, November 3, 2024. (Reuters)
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Egypt Quarterly Current Account Deficit Eases to $2.1 Billion on Higher Remittances

A man walks in front of the new headquarters of Central Bank of Egypt, in Cairo, Egypt, November 3, 2024. (Reuters)
A man walks in front of the new headquarters of Central Bank of Egypt, in Cairo, Egypt, November 3, 2024. (Reuters)

Egypt's current account deficit narrowed to $2.1 billion in January to March 2025 from $7.5 billion in the same period a year earlier, the central bank said on Tuesday.

The central bank attributed the slimmer deficit to the increase in remittances from Egyptians working abroad, as well as a rise in the services surplus due to higher tourism revenue.

Oil exports declined to $1.2 billion, from $1.4 in the year earlier, while imports of oil products rose to $4.8 from $3.4 billion.

Egypt has sought to import more fuel oil and liquefied natural gas this year to meet its power demands after disruptions to gas supply led to blackouts over the last two years.

Concerns over supplies increased after the pipeline supply of natural gas from Israel to Egypt decreased during Israel’s air war with Iran last month.

Revenues from the Suez Canal, declined to $0.8 billion in the third quarter of the country’s financial year, from $1 billion the same time a year ago, as Yemeni Houthis' attacks on ships in the Red Sea continued to cause disruption.

The Iran-aligned group says it attacks ships linked to Israel in support of Palestinians in Gaza.

Meanwhile, Egypt’s tourism revenues reached $3.8 billion, compared to $3.1 billion in the same period in 2023/24.

Remittances from Egyptians working abroad increased to $9.3 billion, from $5.1 billion. The increase in remittances has helped to reduce the wider trade deficit.

Foreign direct investment hit $3.8 billion, compared to $18.2 billion in the same quarter a year before.

Egypt has suffered an economic crisis exacerbated by a foreign currency shortage, which forced it to undergo economic reforms under an $8 billion IMF program that included allowing its pound to depreciate sharply last year.