Cefic Downgrades 2011 and 2012 Output Growth Estimates for Europe

Cefic has revised its 2012 forecast for growth in output of chemicals in Europe to 1.5%, from 2.5%. Cefic also downgraded its projection for 2011 growth in European chemical production to 2%, from 2.5%. Cefic made its previous forecasts last September. It had predicted much faster chemical output growth of 4.5% for 2011 as recently as June. The revisions reflect heightened business uncertainty and inventory trimming, Cefic says. Much of this year's rise in chemicals output took place in the first quarter and output has been relatively flat since then. "The...

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