VCI Downgrades German Output Forecast

Engel: Hopes for an upswing postponed. German chemical industry association VCI (Frankfurt) has downgraded its 2012 forecast for chemical production in Germany, citing the effects of the European Union (EU) debt crisis. VCI cut its full-year prediction for output by Germany’s chemical sector, and says it now expects that chemical production will decline by 3% compared with 2011. VCI had previously forecast zero growth in German chemical production this year. The revision follows a 2.8% decrease in chemicals output in Germany during the second quarter of...

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