Industry is an integrated production sector of the country’s economy, covering two main groups: mining and manufacturing. The development of industrial production indicates the level of development of productive forces of a society and is a factor of economic development of the country.
In a new European Economic Forecast, the European Commission expects a deeper recession and a slower recovery for the economy of the Union. However, the blow caused by the pandemic differs from country to country with some states and industries expected to recover faster due to internal factors.
In the light of the major economic crisis facing the auto industry due to COVID-19, the European Automobile Manufacturers’ Association (ACEA) has radically revised its 2020 forecast for passenger car registrations down to about −25%.
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.
In April, China’s industrial output grew by 3.9 per cent, retail sales fell by 7.5 per cent and fixed asset investment fell by 10.3 per cent, suggesting an uneven recovery. Data suggests demand weaknesses remain, while for industrial engine overseas shutdowns will hamper growth before long.
This short-term outlook edition coincides with the unfolding of the Covid-19 crisis, making the exercise exceptionally challenging. Market forecasts are based on market intelligence available at the beginning of April 2020 and reflect the Covid-19 impact to the extent possible, with all the caveats and limitations in view of the rapidly evolving situation. In addition, for the first time market outlooks are presented for EU-27, and assume a frictionless trade between the EU and the UK in 2020.