Abstract
Growth in production in the chemical industry in Western Europe will likely be about 2.5% this year over 1989, predicted the European Chemical Industry Federation (CEFIC) at its annual meeting two weeks ago in Paris. That is only slightly lower than the expected increase of 3% in both gross domestic product and all manufacturing production. Production slowed considerably in the second half of 1989 because of destocking, as companies ran down inventories. CEFIC analysts assume that further destocking will continue during the first half of 1990, as a result of low prices. Producer price increases will probably be below the rate of general inflation, reflecting the strong competition in the European chemical industry and the fact that prices for oil and other raw materials are expected to rise only marginally. For the fourth consecutive year, according to CEFIC, West European domestic chemical demand in 1989 was the main driving force for the industry's sales. Exports ...
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