German chemical association VCI on Wednesday said 2019 will be a difficult year, pointing to geopolitical problems, as it confirmed its downbeat forecast.
Production in the chemical and pharmaceutical industries, which are important contributors to Germany’s gross domestic product, grew by 0.5% in the first quarter as producer prices decreased by 0.3% and sector revenues fell 1.1%, VCI said.
“Overall, the uncertainty of market participants remains strong,” it said, citing Britain’s planned exit from the European Union, Italy’s debt and the trade conflict between the United States and China.
“Excluding the pharmaceuticals business, chemical production should stagnate this year,” VCI said, confirming its full-year forecast of a 3.5% production and a 2.5% revenue decrease as producer prices are expected to rise by 1%.
By Tassilo Hummel
Source: Reuters
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