Consumption in Luxembourg
Luxembourg - Consumption
The economy expands at the fastest pace in a year in Q2
Growth accelerated to 3.7% year-on-year in the second quarter, marking the highest print in a year, following the first quarter’s downwardly revised 1.0% expansion (previously reported: +1.6% year-on-year). The improvement was led by a broad-based acceleration in both domestic and external demand, according to detailed data released by the Statistical Institute (STATEC) on 9 October.
In the second quarter, private consumption—which includes spending from non-profit institutions serving households—edged up to 2.8%, from 2.7% a month prior, while government spending rose 5.0% (Q1: +4.7% yoy). In contrast, fixed investment declined 0.4% from a 0.7% increase a quarter prior, as escalating trade tensions and lingering Brexit-linked uncertainties weighed on the country’s all-important financial sector.
Looking at the external sector, exports rebounded on an annual basis, coming in at 1.5% in Q2 (Q1: -0.9% yoy), despite the deceleration across the Eurozone’s largest economies. Similarly, import growth recovered in the quarter, expanding 0.3% after Q1’s 1.2% contraction.
On a quarter-on-quarter, seasonally-adjusted basis, the economy grew 2.2% in Q2, the fastest expansion since Q2 2016, following a 1.1% increase recorded in the previous quarter.
FocusEconomics Consensus Forecast panelists expect GDP growth to reach 3.0% in 2019, which is unchanged from last month’s forecast, and also 3.0% in 2020, which is also unchanged from last month’s forecast.
Luxembourg - Consumption Data
| 2013 | 2014 | 2015 | 2016 | 2017 | |
|---|---|---|---|---|---|
| Consumption (annual variation in %) | 2.0 | 4.1 | 3.2 | 1.7 | 2.9 |
Luxembourg Facts
| Value | Change | Date | |
|---|---|---|---|
| Exchange Rate | 1.10 | 0.65 % | Sep 04 |
| Stock Market | 595 | 0.19 % | Sep 04 |
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Economic News
Luxembourg: The economy expands at the fastest pace in a year in Q2
October 9, 2019
Growth accelerated to 3.7% year-on-year in the second quarter, marking the highest print in a year, following the first quarter’s downwardly revised 1.0% expansion (previously reported: +1.6% year-on-year).
Luxembourg: Harmonized inflation recedes in September
October 4, 2019
Consumer prices fell 0.2% month-on-month in September, contrasting a 1.2% increase in August.
Luxembourg: Unemployment stable in August
September 20, 2019
In August, the number of unemployed workers stood at 15,370, down 1.9% from July’s result, while the seasonally-adjusted unemployment remained stable at July’s 5.4%.
Luxembourg: Unemployment stable in July
August 20, 2019
In July, the number of unemployed workers stood at 15,668, up 4.2% from June’s result, while the seasonally-adjusted unemployment rate remained stable at 5.5% from the previous months, to match that of the same month last year.
Luxembourg: Harmonized inflation edges up in July
August 7, 2019
Consumer prices fell 0.7% month-on-month in July, the lowest print in six months, after a 0.1% downturn in June.
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