VCI, the German chemicals industry association, on May 24 raised its sales forecast for the sector this year to take into account rising selling prices. VCI said in a statement it was predicting sales growth of 5.5% for German chemicals makers this year, higher than the previous forecast of 4.5%.
The selling prices of chemicals were expected to rise by an average 3% as a result of rising raw materials and energy prices, the association explained.
At the same time, VCI said it was sticking to its forecast that output in the sector would grow by 2% in 2006, much slower than the 7.1 % recorded in 2005.
The overall environment remained favorable, VCI found, saying that "an early end to the global economic boom is not in sight".
Copyright Agence France-Presse, 2006