Egyptian Cars Sales Fell 21 pct Year-on-Year in June

Egyptian automobile annual sales shrunk in June 2012 with purchase figures down 21 per cent compared to the same month in 2011. A total of 13,667 automobiles were sold last month; two-thirds of them (9,558) passenger cars, according to data from the country's Automotive Marketing Information Council (AMIC). This is down 30 per cent on the previous year. Bus sales, however, witnessed an upsurge at 1,530 units, reaching 37 per cent year-on-year last month. Truck sales were at 3,579, down only 2 per cent compared to June 2011. Investment bank Beltone Financial reported on Tuesday that the decline in automobile sales is mainly due to the weakness in consumer spending, as consumers have started to feel the impact of the economic slowdown.