November 6, 2019 / 9:05 AM / 10 days ago

German chemicals industry sees no reason for optimism after Q3 revenues drop

BERLIN, Nov 6 (Reuters) - German chemicals association VCI on Wednesday said it saw no positive signals for the chemical industry after reporting a 2.4% drop in third-quarter revenues, citing a weakening auto market, a drop in domestic orders and sluggish global growth.

“The situation for the chemical industry is not easy,” VCI President Hans Van Bylen said.

The association, representing chemical and pharmaceutical firms with operations in Germany confirmed its September forecast for 2019 with a 6% a decline in output.

Production in the chemical and pharmaceutical industries, which are significant contributors to Germany’s gross domestic product, fell 0.6% in the third quarter of the year, VCI said, adding that falling prices weighed on third-quarter revenues. (Reporting by Riham Alkousaa, editing by Thomas Escritt)

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