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Cefic downgraded its 2011 growth forecast for EU chemicals production to 2.5%

September 30/2011

(ICIS) -- Cefic has downgraded its 2011 growth forecast for EU chemicals production to 2.5% from 4.5% because of a slowdown in the second quarter and a likely stall in the third quarter, the trade association said on Friday. Cefic originally forecast in November last year that EU chemicals output growth would be 2.5% in 2011, but it was then revised to 4.5% growth in June 2011. The forecast for EU chemicals output growth for 2012 remains unchanged at 2.5%, it added.


Cefic said that data from the last seven months of 2011 show chemicals production at 3.2% below the 2007 peak, but forecasts it will reach the pre-crisis threshold toward mid-2013. Meanwhile, EU manufacturing production growth has also been revised down to 5% in 2011 and to 2.5% in 2012.


However, EU exports are holding up well, the association said. In the first half of 2011, the EU had a net trade surplus of EUR 20.4bn (USD 27.6bn) with trading partners, EUR 3.2bn less than in the same period of 2010.


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