Luxembourg statistics portal STATEC released its first estimate of the country's gross domestic product (GDP) for the third quarter of 2015 Tuesday, placing it at a 5.4% increase year-over-year (YOY).
This first estimate marks a 0.9% growth from the previous quarter, and a 5.4% increase for the same quarter of the previous year. In addition, annual changes in real GDP were corrected and revised upward, with 6.9% rather than 8.8% for the fourth quarter 2014; 5.5% instead of 5.3% for the first quarter 2015 and 6.2% as a replacement for 3.1% for the second quarter 2015. This revision was the result of changes and improvements made to the statistical database of non-financial services.
The added value of financial and insurance activities was found to have increased in Q3 2015 by 1.0% compared to the previous quarter. Trade, Transport, Accommodation and Food grew by 2.2%, whilst Business and Rent also rose 1.1% and Construction grew 2.0%. On the other hand, Information and Communication and Industry (including the supply of energy and water) experienced a 0.8% and 1.1% decrease, respectively. Real Estate Activities and Public Administration, Health and Education both marginally increased, by 0.3% and 0.7%, respectively.
Compared with the second quarter of 2015, the final consumption expenditure of households and non-profit institutions serving households was reported to have increased by 0.4%, with those of government agencies growing 1.1%. The increase in gross fixed capital formation was 8.1%. Both exports and imports increased, by 1.1% and 2.0%, respectively.
Graph by STATEC
