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.