Luxembourg Real GDP Expected to Decline by 6% in 2020

The national statistics institution STATEC has estimated that Luxembourg's real GDP will record a decline of 6% this year.

The containment measures implemented to limit the health consequences of the COVID-19 pandemic had a heavy and rapid impact on the economy.

Luxembourg's real GDP should record a decline of 6% this year, followed by a rebound of 7% in 2021. This configuration implies a normalisation of the health situation and a gradual resumption of activity.

Like many countries, Luxembourg will experience a deep recession this year, with marked repercussions on the labour market and public finances, according to STATEC.