World chemicals growth fell to 0.5% in Q3 - Oxford Economics

06 December 2010 17:07  [Source: ICIS news]

LONDON (ICIS)--World chemicals production growth fell to 0.5% in the third quarter from 1.8% in the previous quarter, UK-based Oxford Economics said on Monday.

The slowdown was fairly broad-based, it said in an industry briefing, but was more pronounced in the developed economies and largely pulled down by Japan.

The majority of sub-sectors were flat or down, it said, with strength in basic chemicals and man-made fibres. Paints output was down following a surge in the second quarter.

"Sluggish growth in H2 [the second half] will limit the rise in world output to 7.25% this year with developed economies up by 5.25% and emerging markets up by a lower than expected 10%," it said.

The forecast had been lowered from those made previously, reflecting an end to re-stocking and, particularly, increased economic nervousness, especially over the the eurozone economies.

"World growth might still post a healthy 5.75% in 2011 dropping below 5% by the end of the decade. Developed economies are projected to grow by 3% in 2011 and slip to 2.5%, with emerging markets up by over 9.5% initially sliding towards 7% by 2020," it added.

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By: Nigel Davis
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