GDP reading: GDP decreased 0.1% month-on-month in seasonally adjusted terms in October (September: -0.1% mom), contrasting market expectations for an...
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: Macrobond.
Luxembourg GDP Data
| 2019 | 2020 | 2021 | 2022 | 2023 | |
|---|---|---|---|---|---|
| Economic Growth (GDP, ann. var. %) | 2.9 | -0.9 | 7.2 | 1.4 | -1.1 |
| GDP (EUR bn) | 62.4 | 64.5 | 72.4 | 77.5 | 79.3 |
| Economic Growth (Nominal GDP, ann. var. %) | 3.8 | 3.4 | 12.1 | 7.1 | 2.3 |
GDP growth slows slightly in Q2
GDP reading: GDP growth ebbed to 0.6% on a seasonally adjusted quarter-on-quarter basis in Q2 from 0.7% in the first quarter. The moderation was largely due to a rebound in imports which softened the contribution of the external sector to growth. On an annual basis, economic activity bounced back, increasing 0.4% in Q2, contrasting the previous quarter's 0.2% decrease and marking the best result since Q3 2022.
Drivers: Household spending growth rebounded, growing 1.3% in seasonally adjusted quarter-on-quarter terms in Q2 compared to a 0.6% decline in Q1. Investment also bounced back, growing 1.4% in Q2 and contrasting the 4.2% fall recorded in the previous quarter. Moreover, public spending growth accelerated to 1.7% in Q2 (Q1: +0.9% s.a. qoq). On the external front, exports of goods and services growth hit an over two-year high of 1.4% in the second quarter (Q1: -0.5% s.a. qoq). In addition, imports of goods and services grew 1.0% in Q2 (Q1: -1.3% s.a. qoq), marking the highest rate in over two years.
Panelist insight: Analysts at the EIU commented on the outlook: “Growth in 2024 will largely be driven by the country's dominant financial services sector, which will rebound this year in line with the global and European economy. Growth will also be driven by slowing inflation (which will strengthen household spending), loosening monetary policy from the second half of the year and a rebound in export growth.”
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 13 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.
Want to get access to the full dataset of Luxembourg GDP forecasts? Send an email to info@focus-economics.com.
Latest Global GDP News
-
United Kingdom: Economy shrinks mildly in October -
Saudi Arabia: Second reading confirms that economy recorded best result since Q1 2023 in Q3 GDP growth matches preliminary reading: GDP rebounded in Q3, expanding 2.8% year on year, matching the preliminary reading, above the... -
Bulgaria: Economy gathers momentum in Q3 GDP growth surpasses both Q2’s level and flash estimate in Q3: GDP growth ticked up to 2.4% year on year... -
Australia: Sequential growth edges up in Q3 Economy posts a softer-than-expected expansion: Economic growth remained sluggish in the third quarter, coming in at 0.3% on a seasonally... -
Switzerland: Economic growth slows in the third quarter GDP reading: GDP growth ebbed to 0.4% on a seasonally adjusted quarter on quarter basis in the third quarter from... -
South Africa: GDP records sharpest contraction in a year in Q3 GDP reading: The economy contracted 0.3% on a seasonally adjusted quarter-on-quarter basis in the third quarter, largely erasing the gains... -
Hungary: Economy records sharpest contraction since Q2 2023 in Q3 GDP swings into decline and plunges into technical recession: A second release confirmed the economy fell into the doldrums in...