Cefic downgrades 2012 EU output forecast, predicting a steeper decline

Cefic has downgraded its 2012 projection for output of chemicals in the European Union and says that production will decline by even more than previously expected. Cefic projects a 2% contraction in EU chemicals output this year, having forecast a 1.5% contraction last September. The downgraded forecast reflects recent data that show a stagnant European economy, and a further decline in chemicals output since the first quarter of 2012, Cefic says. EU chemicals production in full-year 2012 is expected to be 8% below its prerecession level. Cefic also forecasts...

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