Luxembourg's economy contracted 0.5 percent on quarter in the three months to June 2021, following an upwardly revised 3.2 percent expansion in the previous period. It was the first GDP contraction in a year, as household consumption declined faster (-1.7 percent vs -0.3 percent in Q1). Meantime, government expenditure rebounded (0.4 percent vs flat reading) and gross fixed capital formation advanced further (3.3 percent vs 2.8 percent). Net foreign demand contributed positively to GDP, as exports rose 1.7 percent (vs 4.5 percent in Q1) while imports went up at a softer 1.4 percent (vs 3 percent in Q1). Year-on-year, the GDP grew 11.8 percent, accelerating from an upwardly revised 5.2 percent advance in Q1. source: STATEC, Luxembourg

GDP Growth Rate in Luxembourg averaged 0.84 percent from 1995 until 2021, reaching an all time high of 7.90 percent in the third quarter of 2020 and a record low of -7.10 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 December of 2021.

GDP Growth Rate in Luxembourg is expected to be 0.90 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. 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.

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Luxembourg GDP Growth Rate


Calendar GMT Actual Previous Consensus TEForecast
2021-06-14 10:00 AM Q1 1.4% 1.9% 0.5%
2021-09-30 10:00 AM Q2 -0.5% 3.2% 1%
2021-12-13 11:00 AM Q3 -0.5% 1.1%


Related Last Previous Unit Reference
GDP Growth Rate -0.50 3.20 percent Jun/21
GDP Annual Growth Rate 11.80 5.20 percent Jun/21
GDP Constant Prices 15732.70 13529.30 EUR Million Jun/21
Gross Fixed Capital Formation 2872.80 2250.40 EUR Million Jun/21

News Stream
Luxembourg GDP Contracts for 1st Time in a Year
Luxembourg's economy contracted 0.5 percent on quarter in the three months to June 2021, following an upwardly revised 3.2 percent expansion in the previous period. It was the first GDP contraction in a year, as household consumption declined faster (-1.7 percent vs -0.3 percent in Q1). Meantime, government expenditure rebounded (0.4 percent vs flat reading) and gross fixed capital formation advanced further (3.3 percent vs 2.8 percent). Net foreign demand contributed positively to GDP, as exports rose 1.7 percent (vs 4.5 percent in Q1) while imports went up at a softer 1.4 percent (vs 3 percent in Q1). Year-on-year, the GDP grew 11.8 percent, accelerating from an upwardly revised 5.2 percent advance in Q1.
2021-09-30
Luxembourg GDP Growth Slows Further in Q1
Luxembourg's economy grew by 1.4 percent on quarter in the three months to March of 2021, following an upwardly revised 1.9 percent expansion in the previous period and an unprecedented 7.1 percent contraction in April-June 2020. Government spending advanced 3.8 percent (vs 0.7 percent in Q4) while net external demand contributed negatively to the GDP as exports (1.2 percent) rose less than imports (2 percent). At the same time, household consumption shrank 2.4 percent (the same pace as in Q4) and fixed investment continued to fall although much less (-0.8 percent vs -11.5 percent).
2021-06-14
Luxembourg Economic Growth Slows in Q4
Luxembourg's economy grew 1.6 percent on quarter in the three months to December 2020, following a record 9.3 percent expansion in the previous period and an unprecedent 7.3 percent contraction in April-June. Government spending advanced 0.9 percent (vs 0.3 percent in Q3) and net external demand contributed positively to the GDP as exports rose more than imports. Meanwhile, household consumption shrank 2.3 percent (vs 23.9 percent in Q3) and fixed investment tumbled 11.8 percent (vs 36.3 percent in Q3). Year-on-year, the GDP grew 1.4 percent in the fourth quarter, after being unchanged in the previous period.
2021-03-15

Luxembourg GDP Growth Rate
The economy of Luxembourg is dependent on the banking, steel, and industrial sectors and the country has one of the highest GDP per capita in the world. On the expenditure side, external balance of exports and imports is the main component of GDP and accounts for 35 percent of its total use, as exports of goods and services account for 200 percent while imports account for 165 percent. It is followed by household consumption (30 percent of GDP) gross fixed capital formation (18 percent) and government expenditure (17 percent).