BERLIN, Dec 3 (Reuters) - German chemicals association VCI on Tuesday cut its production forecast for 2019, saying weaker domestic orders, international trade disputes and sluggish global growth weighed on the sector.
Production in the chemical and pharmaceutical industries, which are significant contributors to Germany’s gross domestic product, will drop 7.5% in 2019, VCI said, revising down its previous forecast for a 6% fall.
The association, representing chemical and pharmaceutical firms with operations in Germany said it saw stagnating producer prices in 2020, and said it expects both production and sales to grow 0.5% next year.
“At the moment, our companies do not expect any improvement in their business in the coming months,” VCI President Hans Van Bylen said in a statement. (Reporting by Riham Alkousaa, editing by Thomas Escritt)