The results of the survey published by the Ifo Institute showed that in December, the business climate index in the chemical industry fell by 2.2 points to -15.2 points, while the business expectations index decline to -14.6 points from -6.5 points in November, despite the fact that companies were less negative about the current business situation than in the previous month.
“Although the chemical industry seems to have bottomed out, there is still no sign of an impending upturn. In addition, the chemical industry faces the prospect of even greater job losses,” says industry expert Anna Wolf from the Ifo Institute.
The report also showed that chemical companies rated their order backlog as very low, although recently they were hoping for an increase in foreign orders. The Ifo Institute said that in December, the expectations of companies regarding orders from abroad have worsened. Meanwhile, companies' hiring expectations have reached their lowest level since the financial crisis of 2008/2009.
In December, there was also a drop in the business climate in the sector of production of base metals, in the paper industry, coke production and oil refining, as well as among manufacturers of glass, ceramics, stone and other non-metallic mineral products.