Cityscape in Luxembourg

Luxembourg GDP

Luxembourg GDP

Economic Growth in Luxembourg

The Luxembourg economy recorded an average growth rate of 2.6% in the decade to 2022, above the 1.4% average for the Euro Area. In 2022, real GDP growth was 1.4%. For more GDP information, visit our dedicated page.

Luxembourg GDP Chart

Note: This chart displays Economic Growth (GDP, annual variation in %) for Luxembourg from 2014 to 2023.
Source: STATEC.

Luxembourg GDP Data

2018 2019 2020 2021 2022
Economic Growth (GDP, ann. var. %) 1.2 2.3 -0.8 7.7 1.4
GDP (EUR bn) 60.1 62.4 64.8 72.4 77.5
Economic Growth (Nominal GDP, ann. var. %) 3.4 3.7 3.9 11.7 7.1

GDP enters into technical recession in Q3

GDP fell at a slower rate of 0.1% on a seasonally adjusted quarter-on-quarter basis in the third quarter, bringing the economy into a technical recession following the 0.2% contraction logged in the second quarter. Q3's sequential reading marked the largest contraction since Q4 2022. On an annual basis, GDP declined 1.8% in Q3, compared to the previous quarter's 1.5% fall.

Household spending contracted 0.2% in Q3, marking the worst result since Q4 2022 (Q2: +0.9% s.a. qoq). Meanwhile, public consumption growth moderated to 1.2% in Q3 (Q2: +1.4% s.a. qoq). Fixed investment rebounded, growing 3.5% in Q3, contrasting the 5.8% decrease recorded in the prior quarter. Exports of goods and services growth sped up to 1.0% seasonally adjusted quarter on quarter in the third quarter, which marked the best reading since Q4 2021 (Q2: +0.4% s.a. qoq). In addition, imports of goods and services bounced back, growing 1.4% in Q3 (Q2: -0.7% s.a. qoq).

On the outlook for the economy, analysts at the EIU commented: “Growth in 2024 will be driven by slowing inflation, which will strengthen household spending; a loosening in monetary policy from the second half of the year; and a rebound in export growth. Financial services exports are the traditional driver of growth in Luxembourg, and this sector will remain dominant in 2024.”

Consensus Forecasts and Projections for the next ten years

How should you choose a forecaster if some are too optimistic while others are too pessimistic? FocusEconomics collects Luxembourg GDP projections for the next ten years from a panel of 12 analysts at the leading national, regional and global forecast institutions. These projections are then validated by our in-house team of economists and data analysts and averaged to provide one Consensus Forecast you can rely on for each indicator. By averaging all forecasts, upside and downside forecasting errors tend to cancel each other out, leading to the most reliable GDP forecast available for Luxembourg GDP.

Download one of our sample reports to visualize what a Consensus Forecast is and see our Luxembourg GDP projections.

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