07 December 2012 18:43 [Source: ICIS news]
“The cyclical outlook for the German economy has dimmed,” the Bundesbank said in an update.
“Enterprises are cutting back their investment and hiring fewer new staff,” it said.German growth will be lower than previously assumed in light of market uncertainty caused by the current difficulties of some eurozone countries, the bank said, adding that the slowing of the global economy was also a factor.
In 2014, GDP could rise by 1.9%, provided that the eurozone banking and sovereign debt crises do not escalate further, and uncertainty among investors and consumers gradually subsides, the bank said.
In related news,
The chemicals and pharmaceuticals sector saw month-to-month increases in both production and orders in October from September, according to the Bundesbank's latest data releases.
Paul Hodges studies key influences shaping the chemical industry in his Chemicals and the Economy Blog
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