Companies / Egypt
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Egypt Sales Fall Short
July 2006 | Industry ForecastSorry, you must be a subscriber to view this article in full. If you are a subscriber please login.
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According to recently published statistics, Egypt's auto market grew by 2.3% to 77,431 units, with car sales up 9.4%. This was lower than the 15% we had estimated, despite a fall in car prices. In 2004, the Egyptian pound was floated, resulting in an appreciation from EGP6.0/US$ to EGP5.5/US$, while the level of import duties for vehicle parts and cars was slashed, with those with an engine capacity of 1.6 litre and below reduced by more than half. This resulted in a marked reduction in car prices, but consumers delayed purchases expecting further cuts in duties. While the government announced