Estimated Real GDP Up 3.7% in Q2 2019

The second quarter of 2019 saw real GDP growth in Luxembourg increase by 3.7% compared to the same period last year, according to Statec's first estimates.

In addition to an increase of 3.7% over one year, the estimated real GDP for the second quarter of 2019 was 2.2% higher than the previous quarter.

The annual changes in real GDP for 2018 were thus revised as follows: +2.7% instead of +2.6% for the third quarter and +1.2% instead of +1.8 % for the fourth quarter. For the whole of 2018, real GDP growth was revised from the previous estimate of +2-6% to +3.1%.

Meanwhile, the annual evolution of the first quarter of 2019 has been revised from +1.6% to +1.0%.

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.