BERLIN, Sept 8 (Reuters) - German chemicals association VCI on Tuesday said it expected production to drop by 3% this year while revenues would likely decline by 6%, cautioning that a return to pre-coronavirus crisis levels was likely at the end of 2021 at the earliest.
“We’re seeing initial signs of a recovery,” said Christian Kullmann, president of the association that represents chemical and pharmaceutical firms with operations in Germany.
“If another shutdown is avoided, demand for chemicals and pharmaceuticals should stabilise in the second half,” he added.
The VCI said output in Germany’s third biggest industrial sector had fallen by 2.5% in the first six months of 2020 while revenues had dropped by 6.1% to 96 billion euros ($113.40 billion). ($1 = 0.8466 euros) (Reporting by Michelle Adair Editing by Scot W. Stevenson)
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