/Chemical market expands

Chemical market expands

Frankfurt (dpa) – The German chemicals and pharmaceuticals industry raised its growth forecast for 2018 on Wednesday after recording a strong performance in the previous year.

Thanks to high demand from domestic and overseas industry clients, returns are expected to swell by 4.5 per cent, the industry association VCI announced Wednesday, reaching a record high of 204 billion euros (253 billion dollars).

In December, VCI had forecast the sector’s growth at 3 per cent.

Germany’s third-biggest sector has seen a good beginning to the year and is profiting from a strong world economy, said VCI managing director Utz Tillmann in Frankfurt.

“The industry has wind in its sails at the moment,” he said.