German Chemical Industry Faces Grim Outlook, Urges Political Action
The German chemical industry faces a grim outlook, with producer prices dropping due to weak demand. The sector's competitive position abroad has weakened, exacerbated by higher tariffs, and the mood remains pessimistic with no signs of immediate recovery.
The Verband der Chemischen Industrie (VCI) CEO, Wolfgang Große Entrup, warns that Germany's economic future is at risk if political action is not taken promptly. The industry has been struggling for three years, with companies dissatisfied and customer industries reducing production, impacting domestic sales.
Current economic indicators paint a bleak picture, with chemical production down by 6.9% and orders decreasing by 10%. The VCI chairman, Thomas Reith, urges for economic signals from Berlin and Brussels to boost the economy and investments. To improve the situation, Entrup calls for a reduction in electricity costs, bureaucracy, and irrational regulation from Brussels.
The German chemical industry awaits an economic recovery, not expected until next year. It urges for political intervention to boost the economy and investments, with the VCI CEO emphasizing the stakes for Germany's industrial future.
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