The EU chemical industry’s output decreased after the first months of the COVID19 pandemic
07.17.2020
The chemical industry is one of the pillars of the European economy. The industry has been hit hard by the COVID-19 pandemic. The report of the European Chemical Industry Council (CEFIC) provides performance for the chemical industry in the first quarter of 2020, in particular, the dynamics of industrial production, sales of goods, foreign trade.
Chemical output in the EU from January-April 2020 dropped by 3.4% compared to the previous year’s level (January-April 2019), following the COVID19 outbreak in Europe.
It is too early to establish the exact impact of the pandemic on the chemical output for 2020; the forecast will depend on the length and severity of the COVID19 crisis. In the best-case scenario, output is expected to start to grow modestly in 2021, unless a second wave of pandemic hits the EU in the second half of 2020. In the latter case, output is likely to register a second drop in 2021. In both cases, many quarters of growth will be needed to reach the pre-COVID19 output levels.
While overall production has declined, some sectors of the chemical industry providing for essential supply chains during the COVID19 outbreak have remained stable or posted growth in the first half of 2020, particularly those producing essential supplies such as disinfectants, diagnostic tests, ventilators, protective masks, gloves and gowns, as well as Intensive Care Unit medicines.
Release date
07.09.2020
Source
Analytics on topic
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