Chemicals Sector EU Chemicals Sector Shows Modest Growth
During the last 10 months of 2014, the European chemical industry recorded a modest 0.7 per cent growth compared to the reference period 2013.
Brussels/Belgium — According to the latest chemicals trends report by Cefic, the European chemical industry council, the European chemical output rose just 0.7 per cent during the first ten months of 2014 on a year-on-year basis. EU chemicals prices were lower in October, whilst sales during the first nine months of the year remained unchanged. By end-September, European chemicals sales were only 0.7 per cent below the peak achieved six years ago, in 2008.
Cefic Director General Hubert Mandery said: “Monthly data show that we are not out of the woods yet. EU policymakers must pursue a growth-focused agenda that addresses issues such as energy and innovation.”
The shrinking petrochemicals output hampered the growth during the first ten months of 2014, down 3.5 per cent compared to the same period the year prior. The decline was partially offset by 3.0 per cent growth in specialty chemicals and a 1.9 per cent uptick in consumer chemicals.
Total EU chemical sales during the first nine months of 2014 remained nearly unchanged compared with the same period last year. EU chemical producer prices slid 1.6 per cent during the first ten months of 2014 compared to the same period the year before. Overall chemical prices dropped 1.0 per cent in the year to end-October.
Employment in the EU chemical industry rose slightly during the third quarter 2014 to 1.17 million, the fourth consecutive quarter of sector job growth. Taken together with the last three quarters, the latest three month uptick — and the net gain of 23,000 jobs created since third quarter 2013 — appears to confirm a break from the crisis-induced job losses that began in 2009.