5 Feb 2011

Cost of unrest estimated at $US310m per day

7:50 am on 5 February 2011

Credit Agricole estimates that Egypt's uprising is costing the country at least $US310 million per day.

Economists at the bank have also revised down their economic growth estimate for Egypt this year from 5.3% to 3.7%.

Banks and the stock exchange have been closed for days and many factories in the major cities have shut. There have also been more food price rises.

Egypt is still in the middle of its peak tourist season, which commonly lasts until May, but the BBC reports airlines and travellers are shunning the destination.

The Suez Canal, which earned revenues of $US4.77 billion in 2010, remains open.

But AP Moller-Maersk of Denmark, the world's largest shipping group, has closed some facilities, including a canal terminal.

The Lafarge building materials group has also closed some plants.