Contrary to expectations, sales of the manufacturing sector to domestic and international markets did not recover. Roughly the same number of firms reported decreases in sales as those reporting increases in domestic and international sales. Overall, the rate of expansion in the industrial sector has been slower than anticipated. While it is assumed that the worst of the global financial crisis is over, in Egypt recovery in general has been slow, and commodity prices have only partially rebounded. Nevertheless, in spite of unrealised expectations for the first half of 1999, predictions for the second half of the year are more optimistic.
Projections indicate increasing economic growth and larger sales, both domestically and abroad.
The survey showed that 27 per cent of private sector firms plan to increase their workforce, provided their production and sales targets are met. Meanwhile, the public sector expects a further reduction in its workforce as a result of early retirement schemes currently being implemented by the government as part of its economic reform programme. The bonds, with eight-year maturity, will bear an interest rate of 12.25 per cent to be distributed biannually. They are negotiable but cannot be converted into shares. The offering represents 30 per cent of the total LE340 million bond issue MobiNil is currently floating.