Rahmen und Wirtschaft

Industrial and economic development

In comparison to the prior quarter, both the global and European economies expanded somewhat in 2022’s first quarter. The global gross domestic product (GDP) increased by just 0.5%, although it was still 4% greater than in the previous year. Construction and industry expansion, however, was delayed by supply constraints, high energy costs, and the cost of raw materials.  Increased detrimental effects on consumption and investment were caused by high inflation rates in several nations.

Source: Eurostat

In the first quarter compared to the previous one, production of chemicals and automobiles fell by 0.7%. While the automobile industry notably underperformed in terms of output compared to the previous year, chemical production increased. The energy-intensive chemical sector faced difficulties as a result of the sudden increase in oil and gas costs. Partially, a profit-driven production was no longer feasible. In certain situations, the European auto industry came to a complete halt. The European car sector is still experiencing a semiconductor shortage. The production of the other client industries was up over the previous quarter. Construction saw the highest growth rate, followed by food manufacturing. Overall production of plastic products increased by 0,7 % compared to the last year.

Source: Eurostat, Chemdata

The EU27 saw an increase in the value of plastics exports in their basic forms. Exports totaled 9.7 billion euros, up nearly 10% from the prior quarter. Comparing this quarter to the previous one, exports to all areas showed an improvement. The rest of Europe received 45% of all exports, with Asia receiving 28% of all exports.  The value of primary plastics imports to the EU27 rose by 16% in comparison to the previous quarter and came to approximately 7.7 billion euros. Plastics producers in the EU27 had a significant trade surplus of 2 billion euros as a result of greater exports.

 

 

 

 

Mag. Mario Loidl

Co-Managing Director


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