Luxembourg’s economy expanded 0.5% quarter-over-quarter in the three months leading to March of 2024, accelerating from a flat reading in the previous period. Gross fixed capital formation fell at a more moderate rate (-0.6% vs -5.2% in Q4). At the same time, net foreign demand contributed positively to the GDP as imports (-1.4%) contracted more than exports (-0.7%). On the other hand, household consumption fell (-1% vs 0.6%), while government expenditure increased at a slower pace (0.1% vs 1.3%). On an annual basis, the GDP fell by 0.4% in the first quarter of 2024. source: STATEC, Luxembourg
The Gross Domestic Product (GDP) in Luxembourg expanded 0.55 percent in the first quarter of 2024 over the previous quarter. GDP Growth Rate in Luxembourg averaged 0.76 percent from 1995 until 2024, reaching an all time high of 8.46 percent in the third quarter of 2020 and a record low of -6.90 percent in the second quarter of 1996. This page provides - Luxembourg GDP Growth Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. Luxembourg GDP Growth Rate - data, historical chart, forecasts and calendar of releases - was last updated on June of 2024.
The Gross Domestic Product (GDP) in Luxembourg expanded 0.55 percent in the first quarter of 2024 over the previous quarter. GDP Growth Rate in Luxembourg is expected to be 0.70 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the Luxembourg GDP Growth Rate is projected to trend around 0.40 percent in 2025 and 0.30 percent in 2026, according to our econometric models.
Luxembourg GDP Growth Rate
The economy of Luxembourg is dependent on the banking, steel, and industrial sectors and the country has one of the highest GDP per capita in the world. On the expenditure side, external balance of exports and imports is the main component of GDP and accounts for 35 percent of its total use, as exports of goods and services account for 200 percent while imports account for 165 percent. It is followed by household consumption (30 percent of GDP) gross fixed capital formation (18 percent) and government expenditure (17 percent).
| Actual | Previous | Highest | Lowest | Dates | Unit | Frequency | ||
|---|---|---|---|---|---|---|---|---|
| 0.55 | -0.01 | 8.46 | -6.90 | 1995 - 2024 | percent | Quarterly | SA |
News Stream
Luxembourg GDP Growth Picks Up in Q1
Luxembourg’s economy expanded 0.5% quarter-over-quarter in the three months leading to March of 2024, accelerating from a flat reading in the previous period. Gross fixed capital formation fell at a more moderate rate (-0.6% vs -5.2% in Q4). At the same time, net foreign demand contributed positively to the GDP as imports (-1.4%) contracted more than exports (-0.7%). On the other hand, household consumption fell (-1% vs 0.6%), while government expenditure increased at a slower pace (0.1% vs 1.3%). On an annual basis, the GDP fell by 0.4% in the first quarter of 2024.
2024-06-07
Luxembourg's Economy Stagnates in Q4
Luxembourg's economy stalled over a quarter in the fourth quarter of 2023, following an upwardly revised 1.4% decline in the previous period. Higher household consumption (+1.2% vs -1.1% in Q3) and public spending (+1.6% vs +1.2%) contrasted with declines in investment (-5.1% vs -2.4%) and exports (-0.8% vs +0.4%). On the production side, growth was observed in industry, including energy and water distribution (+2.7%); public administration (+2.1%); real estate activities (+0.5%) and agriculture (+1%). Conversely, declines were seen across several activities, notably construction (-2.5%); finance & insurance (-2.4%) and information & communication (-2.1%). On a yearly basis, the GDP fell 0.6% in Q4, after an upwardly revised 2.1% drop in the previous quarter. Luxembourg's GDP is estimated to have contracted by 1.1% year-on-year in 2023.
2024-03-08
Luxembourg GDP Contracts in Q3
Luxembourg's GDP contracted 0.1% quarter-on-quarter in the third quarter of 2023, following an upwardly revised 0.2% decline in the previous period. Household consumption reversed (-0.1% vs 0.9% in Q2) and government spending slowed down (1.2% vs 1.4%). Meanwhile, gross fixed capital formation rebounded (1% vs -4.5%). Regarding net external demand, exports rose at a faster pace (1% vs 0.4%), while imports rebounded (1.4% vs -0.7%). On a yearly basis, the GDP fell 1.8%, from a downwardly revised 1.4% drop in the previous quarter.
2023-12-07
