Luxembourg Economic Outlook
December 20, 2019The economy seems to have lost pace in the third quarter, after expanding at the quickest clip in nearly a year in the previous quarter. Retail sales growth ebbed in the third quarter, amid downbeat consumer confidence, which suggests that household consumption likely slowed in the period. Moreover, industrial production plunged in Q3 as sentiment in the sector deteriorated further, while merchandise export growth lost pace in the quarter amid subdued global demand and elevated external uncertainty. Meanwhile, available data paints a similar picture for the fourth quarter: Pessimism among consumers deepened in October–November, while business confidence was downbeat in the same period, hinting at faltering household consumption and capital expenditure in the final months of the year.
Luxembourg Economic GrowthEconomic activity is seen quickening next year on the back of robust household spending amid supportive labor market conditions. Depressed global demand and uncertainty on the international scene cloud the outlook, however. FocusEconomics analysts see growth at 2.5% in 2020, which is down 0.1 percentage points from last month’s forecast, and at 2.7% in 2021.
Luxembourg Economy Data
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|Exchange Rate||1.12||0.65 %||Dec 31|
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Luxembourg Economic News
January 20, 2020
In December, the number of unemployed workers stood at 16,532, up 7.7% from November’s print, while the seasonally-adjusted unemployment rate held steady at 5.4%.
January 10, 2020
Consumer prices ticked up 0.1% in December after remaining unchanged in November.
December 20, 2019
Growth decelerated to 3.0% year-on-year in the third quarter, down from the second quarter’s downwardly revised 3.2% expansion (previously reported: +3.7% year-on-year), according to data released by the Statistical Institute (STATEC) on 20 December.
December 18, 2019
In November, the number of unemployed workers stood at 15,351, up 2.1% from October’s reading, while the seasonally-adjusted unemployment rate edged up to 5.4% in November, from October’s 5.3%.
December 4, 2019
Consumer prices remained unchanged month-on-month in November, following October’s 0.1% dip.