CEFIC Raises Europe Outlook

The European Chemical Industry Council (CEFIC) has raised its growth expectations for most European Union chemical sectors. According to the latest CEFIC survey, EU chemical output, excluding pharmaceuticals, is expected to rise by 2.3% this year and by 2.7% in 2005. If pharmaceuticals are included, CEFIC economists say, the growth is forecast at 2.7% this year and at 3.0% in 2005. The improvement will benefit most chemical sectors, ranging from petrochemicals and polymers to specialty and fine chemicals. Pharmaceuticals growth, however, will continue to lead the EU chemical sector, at 4.1% this year and 4.2% in 2005.