Third quarter: Chemical industry benefits from higher prices
The chemical industry's sales forecast is looking better, but production is declining and jobs are being cut. Why Germany remains in the red zone for many companies.
The German chemical and pharmaceutical industry has raised its sales forecast for the current year to 3.5% growth, up from 2.5%, according to the Verband der Chemischen Industrie (VCI) in Frankfurt. The industry's revenues rose 5.8% to €53 billion in the third quarter, driven by higher prices, but production fell 3.5% and employment declined 2.5% to around 464,000 people.
VCI's chief executive, Wolfgang Große Entrup, said the industry had lost ground in the third quarter, citing weak industrial demand in Germany and Europe, and a decline in production by key customers such as the automotive industry. The VCI had previously lowered its production forecast for the year to a 1.5% decline.
Written by urgent.news from Handelsblatt's report — not a translation of it. Machine-written — may contain errors; check the original before relying on it.
