Credit: STATEC
STATEC, Luxembourg's national statistical agency, today published its first estimate of the real GDP for the year 2019 (+2.3%), as well as revised figures for previous quarters.
In the fourth quarter (Q4) of 2019, the change in real GDP was +3.1% compared to the fourth quarter of 2018 and +0.4% compared to the previous quarter. STATEC has thus revised real GDP changes for 2019 as follows: +2.8% instead of +3.0% for Q3; and +2.9% instead of +3.2% for Q2. Q1 figures remained unchanged (+0.3%).
In Q4, the added value of financial and insurance activities decreased by 1.6% compared to the previous quarter. The development of the other branches, in order of importance in terms of GDP, is as follows: -0.3% for trade, transport and accommodation and catering; +1.3% for business services and rental; +0.2% for real estate activities; -2.1% for industry, including energy and water distribution; -0.5% in construction; and +1.8% for public administration, education and health.
Compared with the third quarter of 2019, final consumption expenditure of households and non-profit institutions serving households increased by 0.3%, whilst general government expenditure rose by 1.3%. Similarly, gross fixed capital formation rose by 4.7%. While exports fell by 0.3%, imports rose by 0.3%.
For the full year of 2019, STATEC reported an estimated real GDP growth of +2.3%.
