FRANKFURT, Nov 3 (Reuters) – German chemicals trade group VCI said it expected 2015 industry revenue to stagnate, where it had previously seen a 1 percent gain, after weak demand in Europe dragged third-quarter sales lower.
The group's members – Germany-based chemical and pharmaceutical businesses – are also worried about recessions in Russia and Brazil and by the "surprisingly pronounced cooling-down of the Chinese business cycle," VCI said in a statement on Tuesday.
The lobby group still sees this year's domestic product prices 2.5 percent below 2014 levels, as lower costs for oil and petrochemical raw materials are getting passed along to customers.
It also confirmed its previous forecast for 2015 output volumes to rise 1.5 percent.
VCI, which represents Germany's third-largest industrial sector, said revenues in the third quarter were down 1.5 percent, on 1.1 percent higher output volumes and 2.1 percent lower prices.