Latest news with #JobGrowth
Hospitality Net
2 days ago
- Business
- Hospitality Net
Travel & Tourism in Egypt Reaches Historic Milestones
London, UK - The World Travel & Tourism Council (WTTC) has revealed record-breaking data for Egypt's Travel & Tourism sector, with 2024 marking the highest-ever contribution to the national economy, and 2025 forecast to surpass that record once again. According to WTTC's latest Economic Impact Research (EIR), developed in collaboration with Oxford Economics, the sector contributed EGP 1.4TN to Egypt's GDP in 2024, accounting for 8.5% of the national economy. Looking ahead, 2025 is projected to set a new all-time high with a forecast annual growth of 4.9% and increase in the sector's share to 8.6% of national GDP. This underlines the central role of Travel & Tourism in Egypt's continued economic development. Visitor Spending Surpasses Pre-Pandemic Records 2024 also marked the strongest year on record for visitor spending. International visitor expenditure reached EGP 726.9BN, up 36.1% compared to 2019, while domestic visitor spending rose to EGP 449.9BN, 31.8% above pre-pandemic levels. This upward trend is set to continue. In 2025, international visitor spending is projected to increase to EGP 768.2BN, and domestic spending is expected to reach EGP 460.6BN, maintaining the country's strong recovery and sustained demand across both international and local travel. Employment Growth Exceeds 2019 Levels In addition to record-breaking economic contribution and visitor spending, in 2024, the sector supported 2.7 million jobs, exceeding the 2019 peak. This growth is set to continue, with 2025 employment forecast to rise to 2.9 million, marking a 22.3% increase compared to 2019. Egypt's Travel & Tourism sector is experiencing a powerful resurgence, with record-breaking economic contribution and a sustained surge in visitor spending. These numbers reflect a sector on the rise: dynamic, resilient, and vital to the country's growth. With its rich cultural heritage, world-class attractions, and growing connectivity, Egypt continues to captivate travellers from around the globe. The government's focus on investment, infrastructure, and sustainable tourism is clearly paying off. Julia Simpson, WTTC President & CEO A Decade of Growth WTTC forecasts a decade of sustained expansion for Egypt's Travel & Tourism sector. By 2035, the sector is expected to contribute EGP 2.1TN to the national economy, accounting for 8.4% of GDP. Employment is projected to reach 3.8 million jobs, representing 10.5% of total employment, and highlighting the sector's critical role in job creation. Over the same period, international visitor spending is expected to rise to EGP 1.1TN, while domestic spending is forecast to reach EGP 627BN, reflecting Egypt's potential to become one of the region's most vibrant and sustainable tourism economies. For more information and to access the full factsheet, including WTTC's latest Environmental Social Research (ESR), please visit WTTC's Research Hub. Editors Notes All figures given in EGP About WTTC The World Travel & Tourism Council (WTTC) represents the global travel & tourism private sector. Members include 200 CEOs, Chairs and Presidents of the world's leading travel & tourism companies from all geographies covering all industries. For more than 30 years, WTTC has been committed to raising the awareness of governments and the public of the economic and social significance of the travel & tourism sector. WTTC Press Office WTTC View source
Wall Street Journal
04-06-2025
- Business
- Wall Street Journal
10-Year Treasury Yield Heads Toward Largest Decline Since April 14
1316 ET — The yield on the 10-year U.S. Treasury note is headed toward its biggest one-day decline since April 14 after a pair of lackluster reports on the U.S. economy. Yields, which fall when bond prices rise, began sliding early in the session after the ADP's National Employment report showed that 37,000 jobs were created in May, the slowest pace of private-sector hiring in two years. Economists polled by The Wall Street Journal projected hiring would increase by 110,000 new jobs. Yields extended their decline after an ISM services report, which suggested that activity among service firms fell unexpectedly in May. The survey's index for new orders and inventories both sank into contraction, with respondents reporting difficulty in planning due to uncertain tariff policies. The 10-year yield recently traded near 4.36%, down from 4.46% Tuesday. ( 0841 ET – An ominous sign from the U.S. labor market triggers a rush to Treasury bonds, driving yields sharply lower. ADP says only 37,000 jobs were created by private employers in May, the lowest since March 2023. Economists surveyed by WSJ expected 110,000. ADP revises the April figure to 60,000 from 62,000 and says hiring is losing momentum while pay growth remained at robust levels. The report may reflect businesses reluctance to hire amid tariffs uncertainty. Trump cites the report to call on the Fed to lower rates. Friday, payrolls are expected to slow a little from April. The 10-year is at 4.419% and the two-year at 3.931%. ( @ptrevisani)
Yahoo
24-05-2025
- Business
- Yahoo
U.S. News & World Report's Best States: Where does Virginia rank?
Virginia was ranked 16th on U.S. News & World Report's list for the 2025 best states in the country. Virginia's ranking this year dropped from 2024, when it was ranked the 13th best state. The ranking takes several metrics across eight categories into account: crime and corrections, economy, education, fiscal stability, health care, infrastructure, natural environment and opportunity. Here's how Virginia fared across the board. More: Unemployment claims in Virginia increased last week Across U.S. News' main categories, here's how Virginia ranked: Economy: No. 10 Crime and corrections: No. 12 Education: No. 15 Health care: No. 18 Natural environment: No. 19 Fiscal stability: No. 23 Opportunity: No. 25 Infrastructure: No. 38 Virginia also ranked fairly high in these subcategories: Air & water quality (No. 3), employment (No. 4), long-term fiscal stability (No. 8) and pre-k education (No. 10). According to the ranking, Virginia's job growth was 2.3% this year, above the national average of 1.5%. The state's high school graduation rate of 88.8% was also above the national average of 85.8%, and its poverty rate of 10.2% fell below the national average of 12.2%. More: AAA: Memorial Day travel in Virginia should be slightly higher this year than last However, Virginia's liquidity is only 53.4 according to the ranking, far below the national average of 99.4 and contributing to the state's low score in short-term fiscal stability. Virginia's lowest scores were in the following four subcategories: Short-term fiscal stability (No. 36), pollution (No. 36), affordability (No. 37) and internet access (No. 37). Utah was crowned best state overall for a third straight year and ranked in the top 20 for seven of the eight categories, according to the report. Here are U.S. News' top five overall best states in America: Utah New Hampshire Idaho Minnesota Nebraska More: What Virginia travelers need to know as REAL ID deadline is here Louisiana was ranked the worst state in the U.S., according to the report, and Alaska, Mississippi, New Mexico and West Virginia finished out the report's bottom five states. This article originally appeared on The Progress-Index: U.S. News & World Report's Best States Rankings: Where does VA rank?
