This page has economic forecasts for Luxembourg including a long-term outlook for the next decades, plus medium-term expectations for the next four quarters and short-term market predictions for the next release affecting the Luxembourg economy.


Overview Actual Q4/18 Q1/19 Q2/19 Q3/19 2020
GDP Growth Rate 0.00 0.7 0.8 0.6 0.4 0.6 percent
Unemployment Rate 5.40 5.6 5.5 5.5 5.2 5.2 percent
Inflation Rate 2.01 1.8 1.7 1.8 1.6 1.8 percent
Interest Rate 0.00 0 0 0 0.25 0.75 percent
Balance of Trade -0.46 -0.62 -0.67 -0.37 -0.53 -0.94 EUR Billion
Government Debt to GDP 23.00 21.5 20 20 20 19 percent
MARKETS Actual Q4/18 Q1/19 Q2/19 Q3/19 2020
Currency 1.14
1.15 1.14 1.13 1.13 1.1
Stock Market 1482.68
points
1683 1659 1636 1613 1525
GDP Actual Q4/18 Q1/19 Q2/19 Q3/19 2020
GDP Growth Rate 0.00
percent
0.7 0.8 0.6 0.4 0.6
GDP Annual Growth Rate 3.10
percent
3.2 2.9 1.9 2 2.7
GDP 62.40
USD Billion
69.4 72.1 72.1 72.1 74.5
GDP Constant Prices 12280.90
EUR Million
12554 12635 12514 12527 13447
Gross Fixed Capital Formation 2258.50
EUR Million
2575 2413 2301 2304 2758
GDP per capita 107865.27
USD
108500 109000 109000 109000 109500
GDP per capita PPP 94277.97
USD
95600 97000 97000 97000 98000
LABOUR Actual Q4/18 Q1/19 Q2/19 Q3/19 2020
Unemployment Rate 5.40
percent
5.6 5.5 5.5 5.2 5.2
Employed Persons 453180.00
453211 457474 459518 462248 485993
Unemployed Persons 14582.00
14675 14896 14894 14811 14837
Long Term Unemployment Rate 1.20
percent
1.34 1.31 1.35 1.36 1.34
Youth Unemployment Rate 12.20
percent
11.46 11.1 10.95 10.88 10.83
Labour Costs 109.27
Index Points
103 101 101 101 101
Wages 5301.25
EUR/Month
5100 5150 5499 5525 5200
Minimum Wages 1998.59
EUR/Month
1999 2050 2050 2050 2100
Population 0.60
Million
0.6 0.61 0.61 0.61 0.62
Retirement Age Women 65.00
65 65 65 65 65
Retirement Age Men 65.00
65 65 65 65 65
Part Time Employment 48.60
Thousand
52.15 52.75 51.81 53.07 56.85
Productivity 99.00
Index Points
102 98.4 99.1 97.86 100
Wages In Manufacturing 101.00
Index Points
103 103 103 103 103
Labor Force Participation Rate 59.00
percent
59.26 59.19 59.22 59.22 59.22
Full Time Employment 224.90
Thousand
227 229 230 231 243
Employment Change 1.00
percent
0.88 0.85 0.86 0.84 0.81
Employment Rate 66.20
percent
66.36 66.6 66.41 66.54 66.48
PRICES Actual Q4/18 Q1/19 Q2/19 Q3/19 2020
Inflation Rate 2.01
percent
1.8 1.7 1.8 1.6 1.8
Harmonised Consumer Prices 105.64
Index Points
105 105 106 107 109
Consumer Price Index CPI 104.69
Index Points
104 105 106 106 108
Core Consumer Prices 104.08
Index Points
104 104 104 105 106
Core Inflation Rate 0.90
percent
0.89 0.89 0.89 0.89 0.89
GDP Deflator 117.61
Index Points
119 118 118 117 118
Producer Prices 105.38
Index Points
106 107 107 108 111
Producer Prices Change 4.10
percent
3.4 2.8 2.5 2.4 2
Inflation Rate Mom 0.11
percent
0.2 0.4 0.5 0.3 0.7
Food Inflation 2.48
percent
2.3 1.9 1.6 1.3 2.2
Cpi Housing Utilities 105.38
Index Points
106 107 108 109 110
CPI Transportation 103.88
Index Points
104 103 105 105 108
MONEY Actual Q4/18 Q1/19 Q2/19 Q3/19 2020
Interest Rate 0.00
percent
0 0 0 0.25 0.75
Money Supply M0 3.10
EUR Billion
3.09 3.09 3.09 3.09 3.09
Money Supply M1 255.70
EUR Billion
260 264 268 272 308
Money Supply M2 296.10
EUR Billion
298 300 302 305 323
Money Supply M3 355.90
EUR Billion
355 355 355 355 355
Foreign Exchange Reserves 806.70
EUR Million
805 799 801 800 800
Banks Balance Sheet 1041568.00
EUR Million
1042868 1042793 1042726 1042674 1042531
Loans to Private Sector 26418.00
EUR Million
26418 26448 26450 26450 26450
Private Debt To GDP 483.88
percent
485 483 480 478 448
Central Bank Balance Sheet 236981.00
EUR Million
234740 234019 233811 233757 233741
TRADE Actual Q4/18 Q1/19 Q2/19 Q3/19 2020
Balance of Trade -0.46
EUR Billion
-0.62 -0.67 -0.37 -0.53 -0.94
Exports 1.02
EUR Billion
0.98 1.19 1.3 1.08 1.06
Imports 1.47
EUR Billion
1.6 1.86 1.67 1.61 2
Current Account -897.40
EUR Million
1500 -470 -400 998 1400
Current Account to GDP 5.00
percent
5 4.5 4.5 4.5 4.3
External Debt 3698869.28
EUR Million
3740568 3756155 3762258 3765108 3769522
Capital Flows -988.14
EUR Million
453 1139 32 806 572
Gold Reserves 2.20
Tonnes
2.2 2.19 2.19 2.19 2.19
Foreign Direct Investment -13661.20
EUR Million
-39629 -39631 -41953 -39292 -38479
GOVERNMENT Actual Q4/18 Q1/19 Q2/19 Q3/19 2020
Government Debt to GDP 23.00
percent
21.5 20 20 20 19
Government Budget 1.50
percent of GDP
2 2.2 2.2 2.2 2.5
Government Budget Value 839.20
EUR Million
761 739 761 782 950
Government Spending 2112.60
EUR Million
2158 2165 2153 2155 2312
Government Spending to GDP 42.90
percent
42.5 42.2 42.2 42.9 42
Government Revenues 24571.40
EUR Million
25528 25767 26005 26243 28376
Fiscal Expenditure 23732.20
EUR Million
24811 25027 25244 25461 27425
Military Expenditure 293.50
USD Million
289 291 293 295 301
Asylum Applications 140.00
persons
139 140 139 140 139
BUSINESS Actual Q4/18 Q1/19 Q2/19 Q3/19 2020
Business Confidence 114.10
Index Points
110 109 108 108 105
Industrial Production -0.30
percent
0.33 0.26 0.23 0.21 0.21
Manufacturing Production 0.90
percent
0.19 0.2 0.2 0.2 0.2
Capacity Utilization 80.80
percent
80.13 80.24 80.39 80.54 80.51
Changes in Inventories 0.39
EUR Billion
0.09 0.07 0.04 0.02 0.07
Bankruptcies 904.00
Companies
940 940 941 942 935
Car Registrations 4931.00
4293 4538 4430 4405 4430
Internet Speed 11591.05
KBps
13129 13330 13464 13629 14747
IP Addresses 178495.00
IP
189773 189484 190817 190939 196168
Steel Production 190.00
Thousand Tonnes
183 193 182 192 183
Mining Production -18.10
percent
-6.16 -3.89 -3.39 -3.31 -3.23
Competitiveness Index 76.63
Points
77.13 77.13 77.13 77.13 79.63
Competitiveness Rank 19.00
19 19 19 19 19
Ease of Doing Business 66.00
61 61 61 62 66
Electricity Production 28.00
Gigawatt-hour
47.31 49.7 45.61 45.87 46.38
Corruption Index 82.00
Points
82 82 82 82 82
Corruption Rank 8.00
8 8 8 8 8
CONSUMER Actual Q4/18 Q1/19 Q2/19 Q3/19 2020
Consumer Confidence 17.30
Index Points
13.5 14.6 15.2 15.7 12.8
Retail Sales Mom 0.60
percent
0.6 -0.75 -0.75 -0.75 0.4
Retail Sales Yoy 4.20
percent
3.6 3.2 3 4.25 2.5
Consumer Spending 3799.50
EUR Million
3851 3898 3872 3875 4125
Personal Savings 20.44
percent
20.48 20.47 20.47 20.47 20.42
Consumer Credit 1707.00
EUR Million
1711 1706 1707 1706 1706
Households Debt To GDP 66.40
percent of GDP
66.29 66.24 66.24 66.22 66.21
Gasoline Prices 1.30
USD/Liter
1.28 1.26 1.23 1.21 1.12
Bank Lending Rate 1.63
percent
1.74 1.74 1.74 1.99 2.49
HOUSING Actual Q4/18 Q1/19 Q2/19 Q3/19 2020
Construction Output 0.50
percent
1.13 0.99 0.95 0.94 0.93
Housing Index 117.93
Index points
121 122 123 123 124
Home Ownership Rate 73.90
percent
73.4 73.39 73.38 73.38 73.37
Building Permits 277.00
389 389 389 389 389
TAXES Actual Q4/18 Q1/19 Q2/19 Q3/19 2020
Corporate Tax Rate 27.08
percent
27.08 27.08 27.08 27.08 27.08
Personal Income Tax Rate 48.78
percent
48.78 48.78 48.78 48.78 48.78
Sales Tax Rate 17.00
percent
17 17 17 17 17
Social Security Rate 25.12
percent
25.12 25.12 25.12 25.12 25.12
Social Security Rate For Companies 12.67
percent
12.67 12.67 12.67 12.67 12.67
Social Security Rate For Employees 12.45
percent
12.45 12.45 12.45 12.45 12.45
CLIMATE Actual Q4/18 Q1/19 Q2/19 Q3/19 2020
Temperature 18.46
celsius
5.32 2.38 11.86 10.39 9.39



Luxembourg - Economic Forecasts - 2018-2020 Outlook