Cefic Downgrades Output Forecast Again

Mandery: Austerity measures will dampen demand. Cefic has revised and downgraded, for the second time, its forecast for European chemicals output growth in 2012 from 1.5%, to 0%. Cefic initially predicted 2.5% growth in European chemicals output in 2012, but this was revised at the end of 2011, to 1.5%. Growth in European chemicals output in 2011 was 1.3%. The debt crisis in the European Union (EU) is the main reason for the second downgrade, Cefic says. Cefic’s latest forecast assumes that the linked issues of public sector debt levels, bank weakness, and...

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