Consumption in Luxembourg
Luxembourg - Consumption
GDP growth records fastest upturn since Q4 2021 in Q3
GDP growth accelerated to 3.0% year on year in the third quarter from 1.7% in the second quarter. Q3’s reading marked the strongest growth since Q4 2021.
The upturn reflected improvements in public spending, fixed investment and exports. Government consumption improved to a 4.8% increase in Q3 (Q2: +2.5% yoy). Meanwhile, fixed investment improved, growing 3.4% in Q3, up from 2.4% in the previous quarter. Meanwhile, private consumption growth declined marginally from 5.5% year on year in Q2 to a 5.4% expansion in Q3. Exports of goods and services increased 1.5% annually in the third quarter, which was above the second quarter’s 0.3% expansion. In addition, imports of goods and services growth sped up to 1.9% in Q3 (Q2: +0.3% yoy).
On a seasonally adjusted quarter-on-quarter basis, economic activity bounced back, growing 1.1% in Q3, contrasting the previous quarter’s 0.5% decrease. Q3's reading marked the best result since Q4 2021.
FocusEconomics Consensus Forecast panelists see GDP expanding 1.2% in 2023, which is down 0.4 percentage points from last month’s forecast. For 2024, the panel projects GDP growth at 2.5%.
Luxembourg - Consumption Data
|Consumption (annual variation in %)||1.8||3.4||2.1||3.3||2.8|
5 years of economic forecasts for more than 30 economic indicators.
|Exchange Rate||1.12||0.65 %||Dec 31|
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January 18, 2023
Harmonized inflation dropped to 6.2% in December, below November’s 7.3%.
January 4, 2023
Retail sales fell by 1.9% year-on-year in November, in contrast to October’s +0.3% reading. Meanwhile, the trend pointed down, with the annual average growth of retail sales coming in at 2.8% in November, down from October’s 3.3% reading.
December 27, 2022
Retail sales dropped to 0.2% year on year in October, down from September’s +1.6% reading. Meanwhile, the trend pointed down, with the annual average growth of retail sales coming in at 3.3% in October, down from September's 3.6% reading.
December 7, 2022
GDP growth accelerated to 3.0% year on year in the third quarter from 1.7% in the second quarter.
November 17, 2022
Harmonized inflation held steady at September’s 8.8% in October.