Consumer Confidence Buoys Auto Recovery

The global economic crisis was a blow for Egypt's automotive sector, but it was not as badly affected as in many other countries. There was a significant drop in sales in 2009, to around 200,000 units, while production dipped to 103,408 units, according to BMI estimates. Both are now on the rise, though it is likely to be 2011 before they outstrip pre-crisis levels. Again, this is a better performance than many other emerging markets. Egypt can make use of its large population, high levels of growth and rising banking penetration. On the other hand, underemployment, a top-heavy state sector,

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