Germany's powerful chemicals sector will see a bigger decline in sales over 2016 than previously thought as weak global growth and trade undermine prices, the VCI industry federation said on Friday.
"Negative factors, such as weak growth in the emerging economies, little momentum in overall global trade, and the end of the worldwide investment boom" are weighing on Germany's third-largest industrial sector, president Marijn Dekkers said.
While production stagnated in the six months to June, sales in the sector fell to 90.4 billion euros ($100 billon) -- or a drop of 3.5 percent from the same period in 2015 --, the VCI said in its half-year report.
The positive effects for the sector of low oil prices and the weak euro were waning.
In addition, economic uncertainty sparked by Britain's June vote to leave the EU, and increased volatility in both raw materials prices and exchange rates "create difficult conditions for solid growth in the sector," said Dekkers.
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