Credit: Statec

In the first quarter of 2019, real GDP growth in Luxembourg was 1.6% higher than the first quarter of 2018, according to Statec's first estimates.

In addition to an increase of 1.6% compared to last year, the estimated real GDP for Q1 of 2019 was 0.3% higher than the previous quarter. The annual changes in real GDP for 2018 are revised as follows: +1.8% instead of +1.7% for Q4, +2.6% instead of +2.8% for Q3 and +3.1% instead of +3.0 % for Q2.

In this regard, the added value of financial and insurance activities increased by 0.4% compared to the previous quarter. Meanwhile, the evolution of the other branches, in order of importance in GDP, is as follows: "Trade; transport; accommodation and food services" fell by 1.5%; "Business and rental services" increased by 0.8%; "Real estate activities" rose by 0.3%; "Information and communication" fell by 0.9%; "Industry, including energy and water supply" rose by 1.4%; "Construction" fell by 1.8%; "Public administration, education and health" increased by 0.9%. 

Compared with the fourth quarter of 2018, final consumption expenditure of households and non-profit institutions serving households increased by 0.1%, while that of general government rose by 0.2%. The decrease in gross fixed capital formation was -1.7% while exports and imports also fell by 0.4% and 0.5% respectively.