Tuesday, 7 April 2009

Suez canal sees revenue slump

The Suez Canal's revenues fell 22% Y-o-Y to USD327 million. The number of vessels passing through the Canal fell 15%. Canal revenues have deteriorated rapidly since late last year due to declining global trade activity.

The canal is a major contributor to Egyptian economic growth, contributing 0.7 percentage points to Egypt’s 7.2% growth in FY2007/08.

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