German chemicals sector cuts 2014 outlook on weakening demand
FRANKFURT, Sept 2
FRANKFURT, Sept 2 (Reuters) - German chemicals trade group VCI on Tuesday cut its sales growth outlook for 2014, citing declining orders from industrial customers in Europe's biggest economy as well as weaker demand from abroad in the second quarter.
VCI, which represents Germany's third-largest industrial sector, said it now saw revenues at Germany-based chemicals businesses growing by 1 percent to 192.5 billion euros ($253 billion) this year, compared with a previous outlook for 1.5 percent.
It now sees output volumes up 1.5 percent and prices down 1 percent, compared with previous expectations for 2 percent growth and a 0.5 percent decline, respectively. ($1 = 0.7617 euro) (Reporting by Maria Sheahan; Editing by Christoph Steitz)