FRANKFURT, March 12 (Reuters) - The association of German chemicals and pharmaceuticals producers, VCI, cut its forecast for 2019 industry revenue to a decline of 2.5 percent, where it had previously seen a gain of 2.5 percent.
The association, representing businesses with operations in Germany, said it was seeing a downturn in demand from its domestic market and across Europe, particularly from the automotive industry.
“In addition, the Brexit process has already caused a negative impact on investment and trade - even though a final decision is still outstanding,” VCI said in a statement on Tuesday.
It added that a one-off boost from the production of a pharmaceutical product it did not name had abruptly stalled during the fourth quarter.
Reporting by Patricia Weiss Writing by Ludwig Burger Editing by Riham Alkousaa