Business Climate in Germany’s Chemical Industry Continues to Deteriorate
The ifo Business Climate in Germany’s chemical industry deteriorated further in September. The indicator fell to minus 36.7 points, down from minus 33.1 points in August, according to the ifo Institute survey. “Both assessments of the current business situation and expectations for the months ahead slipped yet further into the negative,” says ifo industry expert Anna Wolf. Expectations fell to their lowest point since 1991.
Plans for production also declined sharply, with that indicator dropping to minus 46.0 points in September, down from minus 37.7 points in August. This marks its lowest level since 1991. “Sharp rises in energy prices are among the factors forcing the chemical industry to curb production,” Wolf says. The only good news in September was a slight easing in the supply situation for intermediate products, with 44.9 percent of the companies surveyed reported supply problems, compared to 49.9 percent in August.
