According to a report issued by the German Chemical Industry Association (VCI) on September 2, the German chemical industry recovered strongly in the second quarter thanks to strong foreign demand. The association has raised its industry outlook for 2010 and expects its annual operating income and production to increase by 18% and 11%, respectively.
The president of the association, Ulrich Reinal, said that the German chemical industry has basically overcome the negative impact of the financial crisis, but given that the industry benefited from the economic recovery earlier, the growth rate may slow down in the coming months.
It is reported that in the second quarter, the operating income of the German chemical industry was 41.6 billion euros, an increase of 5.2% from the first quarter and a 22.7% increase from the same period of last year; the output increased by 1.5% from the previous quarter and surged by 14.2% year-on-year. Due to the increase in raw material prices, German chemical product prices rose by an average of 1.8% in the second quarter compared with the first quarter. In addition, the industry's capacity utilization rate increased by 2.8 percentage points to 85.6%, reaching the industry's normal level.
The president of the association, Ulrich Reinal, said that the German chemical industry has basically overcome the negative impact of the financial crisis, but given that the industry benefited from the economic recovery earlier, the growth rate may slow down in the coming months.
It is reported that in the second quarter, the operating income of the German chemical industry was 41.6 billion euros, an increase of 5.2% from the first quarter and a 22.7% increase from the same period of last year; the output increased by 1.5% from the previous quarter and surged by 14.2% year-on-year. Due to the increase in raw material prices, German chemical product prices rose by an average of 1.8% in the second quarter compared with the first quarter. In addition, the industry's capacity utilization rate increased by 2.8 percentage points to 85.6%, reaching the industry's normal level.
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