The German Chemical Industry Association (VCI) recently predicted that the growth rate of chemical production in Germany will slow down in 2011. VCI's forecast results are in line with the recent forecast report of the European Chemical Industry Council. Next year, the growth rate of chemical production in Europe will also slow down.
VCI forecasts that in 2011 Germany's chemical production will increase by 2.5% from this year, and sales will increase by 4% year-on-year. VCI stated that it is expected that its chemical production in Germany will grow by 11% in 2010, which is the highest growth rate since 1976. The reason for this result is that the chemical market rebounded sharply from the recession. German chemical industry sales this year are expected to increase by 17.5% to 177.6 billion euros. Klaus Engel, chairman of the German Chemical Industry Association and chairman of Evonik Industries, stated: “The German chemical industry has been very active this year. After an amazing process of catch-up, we will now return to a more moderate development process, but the growth rate It will greatly slow down.†He believes that the main reason for the slowdown in recovery is the deceleration of economic growth in industrialized countries. The export business of German chemical companies was affected by this.
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