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CEFIC, the European Chemical Industry Council, forecasts that output in the European chemical industry will grow by 9.5% in 2010 and 2.0% in 2011. The two-year rise in production would almost make up for last year’s 11.3% decline compared with 2008. The basic chemicals sector is experiencing the fastest rebound, but CEFIC expects a pause in the growth rate of commodities because of the fragile European economy and the need to rebuild market demand once inventory restocking is done.
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