GDP in Luxembourg
Luxembourg - GDP
Growth hits one-and-a-half-year high in Q4 2019
Growth accelerated to 3.1% year-on-year in the fourth quarter of 2019, up from the third quarter’s downwardly revised 2.8% expansion (previously reported: +3.0% year-on-year) and marking the strongest expansion since Q2 2018, according to a first estimate released by the Statistical Institute (STATEC) on 20 March. On a quarter-on-quarter, seasonally-adjusted basis, the economy expanded 0.4% in Q4, which was down from Q3’s upwardly revised 0.3% rise (previously reported: +0.2% quarter-on-quarter). Taking the year as a whole, GDP grew 2.3% in 2019, markedly down from the 3.1% expansion in 2018.
In the fourth quarter, public expenditure growth moderated marginally to 5.3% from a revised 5.4% in Q3 (previously reported: +5.5% yoy), while private consumption growth—which includes spending from non-profit institutions serving households—slowed to 1.8% from an upwardly revised 2.8% (previously reported: +2.3% yoy). Meanwhile, fixed investment growth decelerated to 7.3% from Q3’s upwardly revised 9.4% rise (previously reported: +9.0% yoy).
On the external front, export growth lost considerable pace in the fourth quarter amid the subdued global trading environment, coming in at 1.2%, down from a revised 2.6% rise in Q3 (previously reported: +3.1% yoy). Meanwhile, import growth also lost traction, slowing to 1.5% from Q3’s revised 3.1% expansion (previously reported:+3.5% yoy).
Looking forward, growth is expected to slow this year, restrained by the fallout from the coronavirus pandemic.
FocusEconomics Consensus Forecast panelists see GDP growth at 2.4% in 2020, which is down 0.1 percentage points from last month’s forecast, and 2.5% in 2021.
Luxembourg - GDP Data
|Economic Growth (GDP, annual variation in %)||4.3||4.3||4.6||1.8||3.1|
5 years of economic forecasts for more than 30 economic indicators.
Luxembourg GDP Chart
Source: National Statistical Institute of Luxembourg.
|Exchange Rate||1.12||0.65 %||Dec 31|
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May 6, 2020
Consumer prices fell 0.1% over the previous month in April, following the 0.6% decrease logged in March.
April 20, 2020
In March, the number of unemployed workers came in at 18,398, which was up 10.5% from February’s figure of 16,652 and largely reflected government containment measures due to the Covid-19 pandemic.
April 3, 2020
Consumer prices fell 0.6% over the previous month in March, contrasting February’s 1.3% rise.
April 1, 2020
In April, the number of unemployed workers came in at 20,253, which was up 10.1% from March’s figure of 18,398 and reflected the impact of the Covid-19 crisis on employment.
March 20, 2020
Growth accelerated to 3.1% year-on-year in the fourth quarter of 2019, up from the third quarter’s downwardly revised 2.8% expansion (previously reported: +3.0% year-on-year) and marking the strongest expansion since Q2 2018, according to a first estimate released by the Statistical Institute (STATEC) on 20 March.