Germany’s chemical and pharmaceutical industries continue to shrink.
Release Date:
2019-11-08
A report released on the 6th by the German Chemical Industry Association shows that in the third quarter of this year, output in Germany’s chemical and pharmaceutical sectors contracted by 0.6% quarter-on-quarter and by 10% year-on-year, marking the fourth consecutive quarter of year-on-year decline.
The report also indicates that, in the quarter under review, sales in Germany’s chemical and pharmaceutical industries contracted by 2.4% quarter-on-quarter and by 8.2% year-on-year.
The German Chemical Industry Association believes that the difficulties facing Germany’s chemical and pharmaceutical sectors persist, primarily due to a decline in domestic demand for chemicals and lackluster overseas sales. Sales in Europe’s core markets remain weak, while exports to Asia are also on the decline.
The association forecasts that, for the full year 2019, output in Germany’s chemical and pharmaceutical industries will contract by 6%, with chemical prices rising by 1% and industry sales declining by 5% to approximately €193 billion (about $213.6 billion).
The chemical and pharmaceutical industries are Germany’s third-largest pillar sectors, employing approximately 465,000 people, with leading companies including BASF, Bayer, and Merck.
Source: Xinhua Net
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