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FINANCIAL NEWS
Egypt’s small businesses thrive despite hit economy
12 Aug 2013
(MENAFN) Although the uprising in Egypt and its consequences have hit the economy hard causing disruptions in bigger businesses such as factories, smaller businesses are doing a lot better than expected, Times of Oman reported.
Managing director of sanitary ware and tile-maker Lecico Egypt, Taher Gargour, said: “Last year we had in sales volume terms and in value terms our best-ever year in the Egyptian market, and this year will be even better.”
In the three months period ended March 30, Lecico’s earning went up to USD 2.3 million; a 28 percent surge compared to the same period last year.
“We’re selling more at higher prices than we have done in any year, even the best years of the Mubarak economy when overall GDP growth was at its peak,” Gargour added.
Egyptian gross domestic product (GDP) grew by 2.3 percent in the nine month period ended March 30. A 6 percent growth was thought to be necessary to handle the growing labour force.
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