Luxembourg Economic Forecast

Luxembourg Economic Outlook

June 26, 2018

Recently released GDP data showed that the economy grew a stellar 2.0% quarter-on-quarter in Q1, marking the fastest expansion since Q2 2016 and coming in well above the feeble 0.1% rise logged in Q4. The first-quarter reading reflected stronger fixed investment and public spending growth, which more than offset a moderation in private consumption and a weak external sector. Going forward, the economic scenario remains positive: The unemployment rate is currently hovering at pre-Eurozone crisis levels and consumer confidence is well above the historical average, both boding well for private consumption in Q2.

Luxembourg Economic Growth

Economic growth is poised to accelerate this year, underpinned by robust consumer spending, due to an improving labor market and favorable credit conditions, and increased public expenditure. However, extremely high household debt, largely owing to mortgages, remains a key concern if faster-than-expected normalization of ECB monetary policy translates into an interest rate shock to homeowners. FocusEconomics panelists estimate that GDP will expand 3.4% in 2018, unchanged from last month’s forecast, and 3.4% again in 2019.

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Luxembourg Facts

Exchange Rate1.170.65 %Jul 17
Stock Market8430.19 %Jul 17

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