According to IFO, The German Chemical Sector is in “Deep Crisis.”

Berlin, Germany, October 6, 2018 The Ifo economic institute stated on Friday that the German chemical industry entered a deeper state of crisis in September as a result of declining order books and sluggish international demand.

“September had very few positive aspects overall. According to Ifo industry analyst Anna Wolf, the chemical sector is in a serious crisis.

According to the institution, business mood in the industry decreased to -19.3 points from -16.3 the previous month.

Although there was little change in how businesses perceived the existing situation, a decline in export forecasts in the September survey further darkened the businesses’ outlook.

The nearly 500,000-person German chemical industry was severely hit by the energy crisis that followed Russia’s invasion of Ukraine and has requested government assistance to remain competitive.

The sector-representing VCI group anticipates a 7% drop in sales and a 5% loss in production this year.

Reference :

Chaturvedi, A., & Shah, A. (2023, October 5). India’s Reliance unveils swappable, multipurpose batteries for evs. Reuters.