Luxembourg's gross domestic product grew by just 0.2 percent on quarter in the three months to September 2019, following a downwardly revised 2.1 percent expansion in the previous period, as household consumption rose at a softer pace (0.1 percent vs 0.8 percent in Q2) while fixed investment was unchanged (vs 0.5 percent in Q2). Meanwhile, net trade made no contribution to growth, with both exports and imports rising 1.1 percent, while government spending jumped 1.9 percent (vs 0.7 percent in Q2). Year-on-year, the economy grew by 3.0 percent, compared to 3.2 percent in the second quarter. GDP Growth Rate in Luxembourg averaged 0.87 percent from 1995 until 2019, 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.

GDP Growth Rate in Luxembourg is expected to be 0.50 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 0.50 in 12 months time. In the long-term, the Luxembourg GDP Growth Rate is projected to trend around 0.60 percent in 2020, according to our econometric models.

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Luxembourg GDP Growth Rate

Actual Previous Highest Lowest Dates Unit Frequency
0.20 2.10 6.70 -4.40 1995 - 2019 percent Quarterly

Calendar GMT Actual Previous Consensus TEForecast
2019-03-21 11:00 AM GDP Growth Rate QoQ Q4 0.3% 0.5% 0.7%
2019-06-21 10:00 AM GDP Growth Rate QoQ Q1 0.3% 0.6% 0.4%
2019-10-09 10:00 AM GDP Growth Rate QoQ Q2 2.2% 1.1% 0.4%
2019-12-20 11:00 AM GDP Growth Rate QoQ Q3 0.2% 2.1% 0.7%
2020-03-20 11:00 AM GDP Growth Rate QoQ Q4 0.2% 0.5%

News Stream
Luxembourg GDP Growth Accelerates in Q2
The economy of Luxembourg grew 2.2 percent on quarter in the three months to June 2019, following an upwardly revised 1.1 percent expansion in the previous period. Household consumption rebounded firmly (0.9 percent vs -0.1 percent) and net external demand contributed positively to the GDP as exports jumped 1.4 percent (vs 0.3 percent in Q1) and imports increased at a softer 0.2 percent (vs 0.3 percent in Q1). Meanwhile, government consumption rose at a slower pace (0.5 percent vs 1.1 percent) and fixed investment slumped 0.6 percent, after showing no growth in the first quarter. Year-on-year, the economy grew 3.7 percent, compared to 1 percent in the previous period.

Luxembourg GDP Growth at Near 1-Year Low of 0.3%
The economy of Luxembourg advanced 0.3% on quarter in the first three months of 2019, after an upwardly revised 0.6 percent growth in the previous period. It was the weakest expansion since Q2 2018. Household consumption (0.2% vs 0.7% in Q4) and government spending (0.2% vs 1.7%) slowed sharply and gross capital formation shrank (-4.7% vs 4.3%). Meanwhile, net external demand contributed negatively to growth, as exports fell 0.4% (vs 1.0% in Q4) and imports decreased 0.5% (vs 1.6% in Q4). Year-on-year, the GDP grew 1.6%, the least since Q3 2017, compared to 1.7% in the previous period.

Luxembourg GDP Growth Slows to 0.3% in Q4
The economy of Luxembourg advanced 0.3% quarter-on-quarter in the fourth quarter of 2018, after a downwardly revised 0.5% growth in the prior three month period. Household consumption rose at a softer pace (0.1% vs 1.1%) while general government spending increased 1.7%, the same pace as the previous quarter. Meantime, gross fixed capital formation rebounded (10.1% from -8.6%) while net external demand contributed negatively to growth, as imports advanced 1.8% (vs -0.3 in Q3) and exports went up at a slower 1.2% (vs -0.1 in Q3). On the production side, contractions were seen in finance & insurance (-2.4% vs 1.3%) and in agriculture, forestry and fisheries (-3.4% vs 4.0%) while trade, transport, restaurant & hotels expanded (1.0% vs 0.8%). Year-on-year, the gross domestic product expanded 1.7%, after a downwardly revised 2.8% in the third quarter of 2018. For the whole year, the economy grew 2.6% compared to 1.5% expansion in 2017.

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).

Luxembourg GDP Last Previous Highest Lowest Unit
GDP Growth Rate 0.20 2.10 6.70 -4.40 percent [+]
GDP Annual Growth Rate 3.00 3.20 12.10 -7.00 percent [+]
GDP 69.49 62.32 69.49 0.70 USD Billion [+]
GDP Constant Prices 13084.90 13056.20 13084.90 7601.30 EUR Million [+]
Gross Fixed Capital Formation 2417.50 2361.50 2707.60 1090.20 EUR Million [+]
GDP per capita 107243.20 106519.60 111968.30 27085.59 USD [+]
GDP per capita PPP 93734.28 93101.79 97864.20 57618.02 USD [+]