Credit: Statec

The third quarter of 2019 saw real GDP growth in Luxembourg increase by 3.0% compared to the same period last year, according to Statec's first estimates.

Statec, the national statistical agency, today published its first estimates for real GDP growth in the third quarter of 2019. In addition to an increase of 3.0% over one year, the estimated real GDP for the third quarter of 2019 was 0.2% higher than the previous quarter.

The annual changes in real GDP for 2019 were thus revised as follows: +3.2% instead of +3.7% for the second quarter and +0.3% instead of +1.0% for the first quarter.

In this context, the added value of financial and insurance activities increased by 1.2% compared to the previous quarter. The development of the other branches, in order of importance in terms of GDP, is as follows: Trade, transport and accommodation and catering fell 1.7%; business services and rental rose 0.9%; real estate activities rose 0.6%; industry, including energy and water distribution fell 0.7%; construction rose 0.3%; public administration, education and health rose 1.2%.

Compared with the second quarter of 2019, final consumption expenditure of households and non-profit institutions serving households increased by 0.1%, whilst general government expenditure rose by 1.9%. Gross fixed capital formation remained stable at 0.0%. Both exports and imports grew by 1.1%.