The association of German chemicals and pharmaceutical manufacturers, VCI, cut its 2019 industry sales forecast by 2.5% to €198.5 billion ($223.92 billion).
The association, which represents companies operating in Germany, has reported that demand is falling from its domestic and European markets, particularly the pharma sector.
“The future is turning out less optimistic than in early 2018. The demand for chemical products in German and European industry is on the decline. Moreover, Brexit acts as a brake on the economy. All in all, the industry is expecting a generally weak year for chemicals.” VCI director-general Utz Tillmann said in a statement.
Chemical Industry Contributes $5.7 Trillion to World GDP and Supports 120 Million Jobs