22 January 2010 17:20 [Source: ICIS news]
LONDON (ICIS news)--EU chemicals output in the first 11 months of 2009, excluding pharmaceuticals, fell 12.7% year on year, which was close to estimates made last November by economists from the European Chemical Industry Council (Cefic), the organisation said on Friday.
“Data strongly confirms (sic) that the European chemicals industry reached its lowest point in December 2008,” the organisation said in its November/December Chemical Trends Report.
“Since that time, production has been dragging along, posting mild growth each month at best,” Cefic said
In a sector forecast that was published in November 2009, Cefic said that it expected a 12.4% year-on-year decline in January-November 2009 EU chemicals output, excluding pharmaceuticals.
At that time, the sector, excluding pharmaceuticals, was forecast to grow by 5% in 2010 compared with 2009.
On Friday, Cefic said that European Commission data continued to indicate growing business confidence in chemicals.
Executives in the industry were more confident of future prospects for most EU member states in December 2009, although confidence was sharply lower month on month in the ?xml:namespace>
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