Growth in the EU chemicals industry in 2011 will be better than initially expected, says Cefic, the European Chemical Industry Councl in Brussel, Belgum. Their revised forecast predicts growth in 2011 to reach 4.5 % which is nearly double the initial full-year forecast of 2.5 % predicted last November. Expansion in 2012 for the sector is to be 2.5 %. A short downturn experienced during the third quarter of last year was followed by sharp increases in output in fourth quarter 2010 and first quarter 2011 which lead to the 2011 forecast revision.
EU output by the end of this year will likely remain below all-time levels reached in 2007, but should reach the pre-crisis threshold toward mid-2012.
The Cefic forecasts EU gross domestic product to grow by 1.8 % in 2011, up from 1.6 % originally forecast in November, and expansion in 2012 to remain unchanged at 1.8 %, while EU manufacturing is expected to grow by around 6 % in 2011 and 3 % in 2012.
- Cefic (European Chemical Industry Council), Brussels