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 October of 2021.
GDP Growth Rate in Luxembourg is expected to be 2.80 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.