Outlook encouraging for Western European chemical industry

Abstract

This time last year, the Economics Appraisal Committee of the U.K.'s Chemical Industries Association (CIA) went out on a limb and predicted a 2.5% rise in chemical output in Western Europe for 1996. With the year's totals now added up, it's clear that production grew only about 1%. Undaunted, the group back to forecast this year's production, and the outlook much more optimistic for the region's industry. In fact, said Richard Freeman, chairman of the CIA panel and chief corporate economist with British chemical producer ICI, the outlook for chemical production in Western Europe in 1997 is for fairly steady of around 30% through all four quarters and an annual growth of 3.3% over 1996. That was the major conclusion of the recent 12th annual CIA Chemical Business Outlook Conference, held in London last month. The CIA conference followed the economic outlook conference of the European Chemical Industry Council (CEFIC) held in ...