Luxembourg's economy grew 9.8 percent from the previous period in the three months to September 2020, rebounding from a record 7.4 percent contraction in the previous quarter. It was the fastest pace of expansion since at least 1995, as activity and demand recovered from the COVID-19 shock. Household consumption increased 22.7 percent (vs -16.3 percent in Q2) and fixed investment expanded 34.3 percent (vs -7.1 percent in Q2). Meanwhile, net external demand contributed negatively to the GDP as exports rose less than imports, while public spending growth slowed to 1.8 percent from 3.5 percent. Year-on-year, the economy grew 0.5 percent in the third quarter, following a record slump of 7.8 percent in the previous period. source: STATEC, Luxembourg
GDP Growth Rate in Luxembourg averaged 0.85 percent from 1995 until 2020, reaching an all time high of 9.80 percent in the third quarter of 2020 and a record low of -7.40 percent in the second quarter of 2020. 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 March of 2021.
GDP Growth Rate in Luxembourg is expected to be 0.10 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate GDP Growth Rate in Luxembourg to stand at 0.90 in 12 months time. In the long-term, the Luxembourg GDP Growth Rate is projected to trend around 0.80 percent in 2022 and 1.00 percent in 2023, according to our econometric models.