{"id":551897,"date":"2022-07-28T13:35:16","date_gmt":"2022-07-28T13:35:16","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/07\/28\/this-evening-car-sales-drop-again-in-june-us-gdp-contracts-for-a-second-consecutive-quarter\/"},"modified":"2022-07-28T13:35:16","modified_gmt":"2022-07-28T13:35:16","slug":"this-evening-car-sales-drop-again-in-june-us-gdp-contracts-for-a-second-consecutive-quarter","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/07\/28\/this-evening-car-sales-drop-again-in-june-us-gdp-contracts-for-a-second-consecutive-quarter\/","title":{"rendered":"THIS EVENING: Car sales drop again in June + US GDP contracts for a second consecutive quarter."},"content":{"rendered":"<p><strong>Good afternoon, wonderful people.<\/strong> We\u2019re always giddy when we can say happy THURSDAY, but this week makes us feel like we\u2019ve earned it just a little bit more than usual.<\/p>\n<p><strong>THE BIG STORY TODAY<\/strong><\/p>\n<p><a class=\"content-anchor\" id=\"tldr-story-01\"><\/a> <strong>The automotive market is still struggling:<\/strong> Passenger car sales fell for the fourth consecutive month in June, dropping 35.2% y-o-y to 19,054 units sold during the month, according to the latest figures from the Automotive Information Council (AMIC). The continued decline in sales comes as the automotive industry in Egypt has been facing headwinds including <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/f1237459-2827-438d-96c3-8fe7a8dce26e\">changing import rules<\/a> that led to car shipments being stuck at port.<\/p>\n<p><strong>THE BIG STORY ABROAD<\/strong><\/p>\n<p><a class=\"content-anchor\" id=\"tldr-story-02\"><\/a> <strong>Recession alarm bells ringing: The US economy contracted 0.9% in 2Q 2022<\/strong>, marking a slower contraction than the 1.6% recorded during the first quarter of the year, according to the US Bureau of Economic Analysis\u2019 <a href=\"https:\/\/www.bea.gov\/news\/2022\/gross-domestic-product-second-quarter-2022-advance-estimate\">quarterly report<\/a>. The slight q-o-q improvement \u201creflected an upturn in exports and a smaller decrease in federal government spending that were partly offset by larger declines in private inventory investment and state and local government spending,\u201d the report said. The figures \u2014 and whether two consecutive quarters of negative growth qualifies as a recession \u2014 are leading the conversation in the international business press this afternoon: <a href=\"https:\/\/www.wsj.com\/articles\/us-q2-gdp-growth-economy-11658981184?mod=e2tw\">Wall Street Journal<\/a> | <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-07-28\/us-economy-shrinks-for-a-second-quarter-raising-recession-odds?sref=mmeFTDW1\">Bloomberg<\/a> | <a href=\"https:\/\/www.cnbc.com\/2022\/07\/28\/gdp-q2-.html\">CNBC<\/a> | <a href=\"https:\/\/www.reuters.com\/markets\/us\/us-economy-contracts-again-second-quarter-jobless-claims-fall-2022-07-28\/\">Reuters<\/a><a href=\"https:\/\/www.reuters.com\/markets\/us\/us-economy-contracts-again-second-quarter-jobless-claims-fall-2022-07-28\/\"><\/a><\/p>\n<hr class=\"grey-line\">\n<p><strong>** CATCH UP QUICK<\/strong> on the top stories from today\u2019s <strong>EnterpriseAM<\/strong>:<\/p>\n<ul>\n<li><strong>Egypt is working to resolve differences with the IMF in talks for a fresh assistance program<\/strong>, Finance Minister <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/42ff1336-a520-498c-aef3-1023c9fc2fd5\">Mohamed Maait said<\/a> in a round of interviews yesterday.<\/li>\n<li><strong>The government is still <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/356bf5ad-541f-41d3-a8de-71232ef2b9cb\">holding out hope<\/a><\/strong><strong> that it could sell stakes in as many as 10 companies before the end of the year<\/strong>, Maait also said, insisting that a state program to divest assets through IPOs and secondary sales of already-listed companies still has legs despite ongoing market turbulence.<\/li>\n<li><strong>It\u2019s official:<\/strong> CIRA\u2019s future flow securitization program has <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/050674a7-23fa-4fa6-b397-6d54503705d5\">gotten the nod<\/a> from the Financial Regulatory Authority, which has given EFG Hermes the final go-ahead to take EGX-listed education provider CIRA\u2019s planned EGP 800 mn issuance to market.<\/li>\n<\/ul>\n<div class=\"row\">\n<div class=\"col-md-12 subscribe-box-panel\">\n<div class=\"\">\n<div class=\"title\">\n<h4 class=\"fw-lighter mb-10\">\n          Get <b style=\"font-weight: 700\">Enterprise<\/b> daily<br \/>\n        <\/h4>\n<\/p><\/div>\n<p class=\"mb-10\">The roundup of news and trends that move your markets and shape corporate agendas delivered straight to your inbox.<\/p>\n<p>      <a href=\"egypt\/en\/user\/NewsLetters\" type=\"button \" class=\"btn-green px-3 d-flex align-items-center\">Subscribe here<\/a>\n    <\/div>\n<\/p><\/div>\n<\/div>\n<p><strong>? CIRCLE YOUR CALENDAR-<\/strong><\/p>\n<p><strong>The government\u2019s public consultations on its state ownership policy continue on <\/strong><strong>Sunday<\/strong>, with a workshop for representatives from the printing and packaging sector. Every Sunday, Tuesday, and Thursday see workshops on how privatization plans will affect specific industries. You can find more details on the schedule of the meetings<a href=\"http:\/\/eparticipation.idsc.gov.eg\/?fbclid=IwAR0roLUuQGFnSW2sa39MgFCj0jUqiG6_A-_Kya6SN4IhBJNhIqbHzMv5wdw\"><\/a><a href=\"http:\/\/eparticipation.idsc.gov.eg\/?fbclid=IwAR0roLUuQGFnSW2sa39MgFCj0jUqiG6_A-_Kya6SN4IhBJNhIqbHzMv5wdw\">here<\/a>.<\/p>\n<p>\u2600\ufe0f <strong>TOMORROW\u2019S WEATHER-<\/strong> We\u2019re looking at quite a hot weekend with daytime highs of 40-41\u00b0C on Friday and Saturday, and nighttime lows of 24\u00b0C, our favorite weather app tells us.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Good afternoon, wonderful people. We\u2019re always giddy when we can say happy THURSDAY, but this week makes us feel like we\u2019ve earned it just a little bit more than usual. THE BIG STORY TODAY The automotive market is still struggling: Passenger car sales fell for the fourth consecutive month in June, dropping 35.2% y-o-y to [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7213],"tags":[144,633,2857,634],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-551897","post","type-post","status-publish","format-standard","hentry","category-what-were-tracking-tonight","tag-automotive","tag-enterprisepm","tag-us-gdp","tag-what-were-tracking-tonight","wpautop","entry"],"acf":{"mongo_id":"3cfa7610-df09-499d-8c03-652ab65b5f97","order":"0","is_powered_by":true,"story_type":"4","photo_url":"","photo_position":"above","related_issue":[551895],"teaser":"","voice_url":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>THIS EVENING: Car sales drop again in June + US GDP contracts for a second consecutive quarter. - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2022\/07\/28\/this-evening-car-sales-drop-again-in-june-us-gdp-contracts-for-a-second-consecutive-quarter\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"THIS EVENING: Car sales drop again in June + US GDP contracts for a second consecutive quarter.\" \/>\n<meta property=\"og:description\" content=\"Good afternoon, wonderful people. We\u2019re always giddy when we can say happy THURSDAY, but this week makes us feel like we\u2019ve earned it just a little bit more than usual. 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&quot;Automotive&quot;","block_context":{"text":"Automotive","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/automotive\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/2\/3999.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":636605,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/08\/04\/auto-sales-up-for-the-third-month-in-a-row-in-june\/","url_meta":{"origin":551897,"position":1},"title":"Auto sales up for the third month in a row in June","author":"enterpriseam admin","date":"4 August 2024","format":false,"excerpt":"The increase was triggered by growth across passenger car and bus sales","rel":"","context":"In &quot;Automotive&quot;","block_context":{"text":"Automotive","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/automotive\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2024\/8\/168.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":654518,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/11\/04\/auto-sales-fall-for-the-second-consecutive-month-in-september\/","url_meta":{"origin":551897,"position":2},"title":"Auto sales fall for the second consecutive month in September","author":"enterpriseam admin","date":"4 November 2024","format":false,"excerpt":"The decline was driven by car sales","rel":"","context":"In &quot;Automotive&quot;","block_context":{"text":"Automotive","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/automotive\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2024\/11\/169.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":670096,"url":"https:\/\/enterpriseam.com\/egypt\/2025\/08\/13\/chinese-tiremaker-sailun-group-to-invest-usd-1-bn-in-new-automotive-tire-plant\/","url_meta":{"origin":551897,"position":3},"title":"Chinese tiremaker Sailun Group to invest USD 1 bn in new automotive tire plant","author":"enterpriseam admin","date":"13 August 2025","format":false,"excerpt":"Good afternoon, friends, and happy almost-weekend. It\u2019s a slow news day at home, whereas on the international front it\u2019s a good day for global markets following cooling US inflation data. THE BIG STORY TODAY- Chinese tiremaker Sailun Group will invest USD 1 bn to build an automotive tire plant in\u2026","rel":"","context":"In &quot;WHAT WE\u2019RE TRACKING TONIGHT&quot;","block_context":{"text":"WHAT WE\u2019RE TRACKING TONIGHT","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-tonight\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2025\/8\/847.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":590709,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/12\/31\/passenger-car-sales-decline-by-4-y-o-y-in-november\/","url_meta":{"origin":551897,"position":4},"title":"Passenger car sales decline by 4% y-o-y in November","author":"enterpriseam admin","date":"31 December 2019","format":false,"excerpt":"Passenger car sales were down in November for the ninth consecutive month, declining 4% y-o-y to 12,321 vehicles, according to an Automotive Information Council (AMIC) report (pdf). However, bus and truck sales increased 34.1% and 36.5% y-o-y, respectively, during the month. Total market volume in Egypt increased by 5.12% in\u2026","rel":"","context":"In &quot;Automotive + Transportation&quot;","block_context":{"text":"Automotive + Transportation","link":"https:\/\/enterpriseam.com\/egypt\/category\/automotive-transportation\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":607522,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/10\/04\/a-rebound-in-the-automotive-sector\/","url_meta":{"origin":551897,"position":5},"title":"A rebound in the automotive sector","author":"enterpriseam admin","date":"4 October 2023","format":false,"excerpt":"Sales volumes have plunged since the beginning of 2022 amid headwinds caused by the FX crunch and soaring inflation","rel":"","context":"In &quot;Automotive&quot;","block_context":{"text":"Automotive","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/automotive\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/10\/272.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/551897","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=551897"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/551897\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/afternoon\/551895"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=551897"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=551897"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=551897"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=551897"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=551897"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}