Luxembourg's economy shrank by a record 7.2 percent from the previous period in the three-months to June 2020, compared to a revised 1.4 percent contraction in the previous quarter and entering a technical recession, as the COVID-19 crisis hit activity and demand. Household consumption tumbled by 16.1 percent (vs -4.5 percent in Q1) and fixed investment fell by 5.6 percent (vs -18.9 percent in Q1). At the same time, net external demand contributed negatively to the GDP as exports and imports dropped sharply, while public spending jumped 3.3 percent (vs -0.4 percent in Q1) amid efforts to contain the rapid spread of the virus. Year-on-year, the economy shrank by 7.8 percent, the most on record.

GDP Growth Rate in Luxembourg averaged 0.76 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 -7.20 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 September of 2020.

GDP Growth Rate in Luxembourg is expected to be 3.60 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 0.60 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.

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Luxembourg GDP Growth Rate

Actual Previous Highest Lowest Dates Unit Frequency
-7.20 -1.40 6.70 -7.20 1995 - 2020 percent Quarterly
SA


Calendar GMT Actual Previous Consensus TEForecast
2019-12-20 11:00 AM QoQ Q3 0.2% 2.1% 0.7%
2020-03-20 11:00 AM QoQ Q4 0.4% 0.3% 0.5%
2020-06-29 10:00 AM QoQ Q1 -2.9% 0.4% -0.5%
2020-09-18 10:00 AM QoQ Q2 -7.2% -1.4% -10%
2020-12-21 11:00 AM QoQ Q3 -7.2% 3.6%


News Stream
Luxembourg Economy Contracts at Record Pace
Luxembourg's economy shrank by a record 7.2 percent from the previous period in the three-months to June 2020, compared to a revised 1.4 percent contraction in the previous quarter and entering a technical recession, as the COVID-19 crisis hit activity and demand. Household consumption tumbled by 16.1 percent (vs -4.5 percent in Q1) and fixed investment fell by 5.6 percent (vs -18.9 percent in Q1). At the same time, net external demand contributed negatively to the GDP as exports and imports dropped sharply, while public spending jumped 3.3 percent (vs -0.4 percent in Q1) amid efforts to contain the rapid spread of the virus. Year-on-year, the economy shrank by 7.8 percent, the most on record.
2020-09-18
Luxembourg GDP Contracts 2.9% in Q1
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.
2020-06-29
Luxembourg GDP Growth at 0.4% in Q4
Luxembourg's economy grew by 0.4 percent on quarter in the three months to December 2019, following an upwardly revised 0.3 percent expansion in the previous period. Household consumption advanced 0.3 percent (vs 0.2 percent in Q3) and fixed investment jumped 4.7 percent (vs 0.5 percent in Q3). Meanwhile, government spending rose at a softer 1.3 percent (vs 1.8 percent in Q3) while net external demand contributed negatively to the GDP as exports fell and imports rose. Year-on-year, the economy expanded by 3.1 percent.
2020-03-20
Luxembourg GDP Growth Slows Sharply in Q3
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.
2019-12-20

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).