Europe: Output Decelerates

Cefic recently revised its 2012 forecast for growth in Europe’s chemicals output 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 2011 chemical output growth of 4.5% as recently as June. The revisions reflect heightened business uncertainty and inventory trimming, Cefic says. “The continuing debt crises in the eurozone and high U.S. government debt levels have undermined macroeconomic sentiment since...

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