Egypt tourism revenue down 66% in Q1 2016

Egypt tourism revenue down 66% in Q1 2016

Egypt netted just $500 million in tourism revenue in the first quarter of 2016, down from $1.5 billion a year earlier, a tourism ministry adviser told, highlighting the country's struggle to kickstart a key dollar-earning industry, Reuters reports.

Egypt's tourism industry, a cornerstone of the economy and critical source of hard currency, has been struggling to rebound after the political and economic upheaval triggered by the 2011 uprising that ended Hosni Mubarak's 30-year rule.

Tourism revenue has also taken a heavy hit since a Russian plane crashed in the Sinai last October, killing all 224 people on board in what President Abdel Fattah al-Sisi called an act of terrorism. Islamic State said it planted a bomb on board.

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