China housing, manufacturing in for ‘weakish’ 2013 – Valspar
14 May 2013 18:33 [Source: ICIS news]
HOUSTON (ICIS)--Housing and manufacturing growth in ?xml:namespace>China looks to be “weakish” for 2013, the CEO of US-based Valspar said on Tuesday.
The paintings and coatings firm saw its product line volumes increase 33% in China in 2012 but currently is below that year over year for 2013, CEO Gary Hendrickson said during a conference call over the company’s Q2 earnings.
“I think it’s going to be a weakish year,” Hendrickson said of growth prospects in China.
While China’s economy is growing, the rate has slowed in contrast to previous years of double-digit growth.
China’s GDP in the first quarter of 2013 was 7.7%, below many economists’ estimates. Recently, OPEC cut its Chinese growth forecast for the second quarter to 8.0% from 8.1%.
The effects of the deceleration have been felt across the markets, including the manufacturing and housing markets vital to Valspar.
“I would not say the property market in China is robust,” Hendrickson said.By: Jeremy Pafford+1 713 525 2653
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