Luxembourg | Economic Forecasts | 2017-2020 Outlook

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 Q4/17 Q1/18 Q2/18 Q3/18 2020
GDP Growth Rate 0.60 0.7 0.7 0.6 0.6 0.6 percent [+]
Unemployment Rate 6.00 5.9 5.8 5.8 5.7 5.2 percent [+]
Inflation Rate 1.76 2.3 2.2 2.1 2 2.4 percent [+]
Interest Rate 0.00 0 0 0 0.25 0.75 percent [+]
Balance of Trade -0.45 -0.46 -0.44 -0.43 -0.42 -0.37 EUR Billion [+]
Government Debt to GDP 20.00 19.5 19.2 19.2 19.2 18.7 percent [+]
MARKETS Actual Q4/17 Q1/18 Q2/18 Q3/18 2020
Currency 1.17 1.16 1.15 1.13 1.12 0.99 [+]
Stock Market 1696.33 1660 1640 1620 1610 1420 points [+]
GDP Actual Q4/17 Q1/18 Q2/18 Q3/18 2020
GDP Growth Rate 0.60 0.7 0.7 0.6 0.6 0.6 percent [+]
GDP Annual Growth Rate 2.20 3.7 3.8 3.7 3.4 2.7 percent [+]
GDP 59.95 66.33 62.8 61.3 59.8 75.88 USD Billion [+]
GDP Constant Prices 12288.80 12180 11697 12170 11717 11968 EUR Million [+]
Gross Fixed Capital Formation 2074.40 2142 2112 2079 2078 1973 EUR Million [+]
GDP per capita 111000.96 113400 114150 114150 114150 116230 USD [+]
GDP per capita PPP 97018.66 98339 98451 98562 98673 99152 USD [+]
LABOUR Actual Q4/17 Q1/18 Q2/18 Q3/18 2020
Unemployment Rate 6.00 5.9 5.8 5.8 5.7 5.2 percent [+]
Employed Persons 435470.00 434798 434877 434798 434749 434268 [+]
Unemployed Persons 15893.00 15691 15629 15561 15494 14912 [+]
Long Term Unemployment Rate 2.30 2.17 2.18 2.16 2.15 2.08 percent [+]
Youth Unemployment Rate 17.30 16.87 16.64 16.47 16.31 15.14 percent [+]
Labour Costs 102.91 110 110 111 111 111 Index Points [+]
Job Vacancies 4130.00 2719 2655 2596 2540 2183 Thousand [+]
Wages 4212.00 4312 4336 4360 4385 5029 EUR/Month [+]
Minimum Wages 1998.59 2005 2028 2051 2055 2098 EUR/Month [+]
Population 0.59 0.59 0.6 0.6 0.6 0.63 Million [+]
Retirement Age Women 65.00 64.32 64.32 64.32 64.32 64.47 [+]
Retirement Age Men 65.00 64.32 64.32 64.32 64.32 64.47 [+]
Employment Change 0.70 0.79 0.77 0.79 0.77 0.79 percent [+]
Employment Rate 65.90 65.75 65.69 65.68 65.61 65.29 percent [+]
Full Time Employment 212.90 211 211 211 210 209 Thousand [+]
Labor Force Participation Rate 59.40 59.3 59.27 59.24 59.21 58.94 percent [+]
Productivity 101.80 103 102 103 100 101 Index Points [+]
Wages In Manufacturing 104.10 105 104 104 104 104 Index Points [+]
Part Time Employment 54.40 51.65 52.81 52.16 52.51 51.93 Thousand [+]
PRICES Actual Q4/17 Q1/18 Q2/18 Q3/18 2020
Inflation Rate 1.76 2.3 2.2 2.1 2 2.4 percent [+]
Harmonised Consumer Prices 102.61 103 103 103 103 102 Index Points [+]
Consumer Price Index CPI 102.52 102 102 102 102 101 Index Points [+]
Core Consumer Prices 103.04 103 103 103 103 103 Index Points [+]
Core Inflation Rate 1.50 1.59 1.6 1.61 1.62 1.65 percent [+]
GDP Deflator 112.26 112 111 112 111 111 Index Points [+]
Producer Prices 102.14 109 111 111 101 122 Index Points [+]
CPI Transportation 100.96 101 101 101 100 99.97 Index Points [+]
Food Inflation 2.55 2.43 2.37 2.32 2.29 2.21 percent [+]
Inflation Rate Mom -0.16 0.13 0.16 0.16 0.16 0.16 percent [+]
Producer Prices Change 0.40 0.3 0.68 1.12 1.51 2.11 percent [+]
MONEY Actual Q4/17 Q1/18 Q2/18 Q3/18 2020
Interest Rate 0.00 0 0 0 0.25 0.75 percent [+]
Money Supply M0 2.90 2.85 2.84 2.84 2.83 2.79 EUR Billion [+]
Money Supply M1 236.80 238 238 238 238 236 EUR Billion [+]
Money Supply M2 277.90 279 278 278 277 273 EUR Billion [+]
Money Supply M3 346.90 345 342 340 337 319 EUR Billion [+]
Foreign Exchange Reserves 782.73 781 775 770 765 724 EUR Million [+]
Banks Balance Sheet 1069811.00 1063660 1061876 1060203 1058580 1045641 EUR Million [+]
Loans to Private Sector 23542.00 23380 23309 23239 23169 22559 EUR Million [+]
Central Bank Balance Sheet 198206.00 198026 197030 196178 195362 188367 EUR Million [+]
Private Debt To Gdp 483.80 450 448 446 443 408 percent [+]
TRADE Actual Q4/17 Q1/18 Q2/18 Q3/18 2020
Balance of Trade -0.45 -0.46 -0.44 -0.43 -0.42 -0.37 EUR Billion [+]
Exports 1.05 1.04 1.03 1.03 1.02 0.97 EUR Billion [+]
Imports 1.50 1.52 1.5 1.49 1.48 1.38 EUR Billion [+]
Current Account 930.80 293 401 760 785 619 EUR Million [+]
Current Account to GDP 4.70 4.4 4 4 4 3.4 percent [+]
External Debt 3650594.79 3529834 3492265 3461699 3435296 3237390 EUR Thousand [+]
Capital Flows 847.64 441 348 653 748 610 EUR Million [+]
Remittances 16.00 18.29 18 18.43 18.66 18.32 EUR Million [+]
Gold Reserves 2.24 2.24 2.24 2.24 2.24 2.24 Tonnes [+]
Foreign Direct Investment 312555.02 96675 87731 70772 65519 53114 EUR Million [+]
GOVERNMENT Actual Q4/17 Q1/18 Q2/18 Q3/18 2020
Government Debt to GDP 20.00 19.5 19.2 19.2 19.2 18.7 percent [+]
Government Budget 1.60 1.8 2 2 2 2.5 percent of GDP [+]
Government Budget Value 844.80 674 598 522 446 390 EUR Million [+]
Government Spending 2019.10 2038 2046 2052 2058 2074 EUR Million [+]
Government Spending to GDP 41.20 41.73 41.87 42.01 42.15 42.44 percent [+]
Government Revenues 23147.00 23785 23907 24030 24152 24923 EUR Million [+]
Fiscal Expenditure 22302.30 22831 22933 23036 23138 23774 EUR Million [+]
Asylum Applications 145.00 138 137 137 137 136 persons [+]
Military Expenditure 293.50 286 287 288 289 285 USD Million [+]
BUSINESS Actual Q4/17 Q1/18 Q2/18 Q3/18 2020
Business Confidence 113.80 112 110 108 106 102 [+]
Industrial Production 0.29 0.03 0.08 0.1 0.11 0.12 percent [+]
Manufacturing Production 1.10 1.12 1.12 1.13 1.13 1.14 percent [+]
Capacity Utilization 80.10 79.59 79.42 79.31 79.3 79.57 percent [+]
New Orders 83.40 89.89 92.17 89.99 92.06 90.4 Index Points [+]
Changes in Inventories 0.30 0.09 0.07 0.06 0.04 0.1 EUR Billion [+]
Bankruptcies 873.00 815 810 804 799 714 Companies [+]
Car Registrations 3968.00 3547 3385 3345 3338 3338 Cars [+]
Competitiveness Index 5.23 5.19 5.19 5.19 5.19 5.17 Points [+]
Competitiveness Rank 19.00 21 21 21 21 20 [+]
Ease of Doing Business 59.00 53 54 54 54 56 [+]
Electricity Production 33.00 101 128 146 157 178 Gigawatt-hour [+]
Corruption Index 81.00 83 83 83 83 84 Points [+]
Corruption Rank 10.00 10 11 11 11 12 [+]
Steel Production 130.00 158 171 178 184 222 Thousand Tonnes [+]
Mining Production -36.90 -7.82 -5.68 -4.85 -4.59 -4.47 percent [+]
CONSUMER Actual Q4/17 Q1/18 Q2/18 Q3/18 2020
Consumer Confidence 15.00 13.95 13.49 12.96 12.47 8.97 [+]
Retail Sales Mom -0.40 3 0.1 0.1 0.1 2.4 percent [+]
Retail Sales Yoy 14.70 9.73 8.56 7.74 7.16 5.83 percent [+]
Consumer Spending 3583.60 3578 3576 3573 3570 3545 EUR Million [+]
Personal Savings 17.39 19.92 19.53 19.15 18.77 18.98 percent [+]
Consumer Credit 1575.00 1554 1543 1534 1524 1449 EUR Million [+]
Bank Lending Rate 1.77 1.86 1.95 2.05 2.14 2.67 percent [+]
Gasoline Prices 1.37 1.36 1.36 1.36 1.36 1.34 USD/Liter [+]
Households Debt To Gdp 59.20 58.88 58.8 58.7 58.6 57.69 percent of GDP [+]
HOUSING Actual Q4/17 Q1/18 Q2/18 Q3/18 2020
Construction Output -2.00 0.7 0.64 0.64 0.64 0.64 percent [+]
Housing Index 112.01 114 114 115 115 115 Index points [+]
Building Permits 476.00 328 328 328 328 328 [+]
Home Ownership Rate 73.20 71.15 70.55 69.95 69.35 72.14 percent [+]
TAXES Actual Q4/17 Q1/18 Q2/18 Q3/18 2020
Corporate Tax Rate 29.22 29.49 29.55 29.62 29.69 30.27 percent [+]
Personal Income Tax Rate 43.60 43.65 43.67 43.68 43.7 43.84 percent [+]
Sales Tax Rate 17.00 16.9 16.65 16.53 16.4 15.44 percent [+]
Social Security Rate 25.62 25.76 25.69 25.62 25.55 25.28 percent [+]
Social Security Rate For Companies 12.67 12.68 12.69 12.69 12.69 12.73 percent [+]
Social Security Rate For Employees 12.95 12.96 12.94 12.92 12.89 12.84 percent [+]