Germany-based chemicals producer BASF has reported sales of €14.7 billion ($20.1 billion) for the second quarter of 2007, up 19% year-on-year. Cumulative sales for the first half of the year totalled €29.3 billion, 18% higher than in the same period of 2006.

Second quarter sales in the chemicals segment climbed 50% due to higher sales volumes and prices and the contribution from the acquired catalysts business. Sales grew 37% in the performance products segment.

Sales increased in all regions during the first half with strongest growth in percentage terms seen in South America, Africa, the Middle East and Asia.

In Europe, companies posted total sales of €17.4 billion in the first half, an increase of 14%.

The company expects global economic growth to be approximately 3.5% for full-year 2007, with large variations from region to region.