March 12, 2020 / 9:22 AM / 22 days ago

Germany's chemical association cuts production forecast due to coronavirus

FILE PHOTO: Medics prepare a tent during a media event at a drive-through coronavirus testing checkpoint in Munich, Germany, March 11, 2020. REUTERS/Andreas Gebert

BERLIN (Reuters) - German chemical industry association VCI on Thursday cut its production forecast for 2020 due to coronavirus outbreak and said it did not expect the situation to improve in the first half of the year.

Production in the chemical and pharmaceutical industries, which are important contributors to Germany’s gross domestic product, is expected to shrink by 1.5% in 2020, VCI said. It sees revenue at last year’s level of 196 billion euros and unchanged producer prices.

“Weak demand from China and additional delivery disruptions coupled with the need to conclude a trade agreement with Britain by the end of the year increase uncertainties,” VCI said in a statement.

Reporting by Riham Alkousaa; editing by Thomas Seythal

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