FRANKFURT, March 1: Chemical makers in Germany cut their production forecasts for the current year, complaining of falling demand in the sector.

“We’re increasingly feeling the pinch from the EU debt crisis,” said the head of the VCI chemical industry federation, Utz Tillmann.

“But we now seem to have reached the bottom and the business situation for the chemical situation is becoming brighter,” Tillman said in a statement.

The federation therefore expected output to stagnate this year while the forecast for revenue growth was lowered to 1.0 per cent from 2.0 per cent in December.—AFP

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