Luxembourg's economy shrank by 2.9 percent on quarter in the three months to March 2020, following a 0.4 percent expansion in the previous period, as the coronavirus crisis hit activity and demand. Household consumption slumped by 4.8 percent (vs 0.4 percent in Q4 2019) and fixed investment plummeted by 18.4 percent (vs 5.2 percent in Q4). In addition, government spending dropped by 0.3 percent (vs 1.4 percent in Q4), while both exports and imports fell sharply.
GDP Growth Rate in Luxembourg averaged 0.83 percent from 1995 until 2020, reaching an all time high of 6.70 percent in the fourth quarter of 1995 and a record low of -4.40 percent in the first 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 July of 2020.
GDP Growth Rate in Luxembourg is expected to be -10.00 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 1.20 in 12 months time. In the long-term, the Luxembourg GDP Growth Rate is projected to trend around 0.60 percent in 2021 and 0.50 percent in 2022, according to our econometric models.