Growth gloom spreads to German chemical industry
Germany's powerful chemical industry federation on Tuesday slashed its outlook for 2019, saying a slowing European economy and threats from further afield would drag on performance.
"The mood in the sector has recently clouded over significantly," said Utz Tillmann, director of the Federation of the Chemical Industry (VCI).
"Industry in Germany and Europe is in a downturn. Important client industries are throttling production" including the vital car sector, still hobbled by tough new emissions tests introduced in September, Tillmann said.
The VCI forecasts a 3.5-percent fall in production for 2019 and a 2.5-percent slip in revenues, to 198.5 billion euros ($223.9 billion).
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