Signs Of Recovery In Vehicle Market

As elsewhere in the region the Egyptian auto market has been hit hard by the global economic recession. But the latest figures suggest that the beginning of a recovery may be under way. Passenger car sales posted a 25% y-o-y increase in October 2009, according to data from the Automotive Marketing Information Council (AMIC). The jump is widely viewed as a reflection of improving consumer sentiment. Car sales climbed to 16,212 units during the month. Despite H109 sales dropping over one-third compared with the same period in 2008, the AMIC forecasts sales of 200,000 units in 2009, compared with 218,000 units in 2008.

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