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German chemical industry will slow down next year
The German Chemical Industry Association recently reported that, driven by the rising value of the euro and increasing crude oil prices, the overall output of Germany's chemical sector is expected to grow by 2.5% in 2008, with sales revenue projected to rise by 4.5%. This represents a slight deceleration compared to the growth seen in previous years.
In 2007, the industry saw production increase by 4.5% year-on-year, while total sales revenue climbed to 174.4 billion euros, up 7.5% from the previous year. Domestic sales rose by 7%, and exports increased by 8%. The association’s chairman, Li Ningya, CEO of Henkel Group, noted that the price of German chemical products was expected to rise by 2.5% in 2007 and is anticipated to climb another 2% in 2008.
Since 2003, the German chemical industry has experienced a resurgence, with many companies actively expanding their presence in the Chinese market. This move has allowed them to benefit from China’s rapid economic growth. According to the report, the sector employed 439,900 people in 2007, highlighting its significant contribution to employment and the broader economy.
Despite challenges such as currency fluctuations and energy costs, the industry remains resilient, with continued investment and strategic expansion efforts aimed at sustaining long-term growth.