The national statistics institution STATEC has estimated that Luxembourg's real GDP fell by 0.2% over one year in the first quarter of 2020.
STATEC published today its first estimate of real GDP for the first quarter of the year, as well as revised figures for the previous quarters.
In the first quarter of 2020, the evolution of real GDP was -0.2% compared to the first quarter of 2019 and -2.9% compared to the previous quarter. Meanwhile, the annual changes in real GDP for 2019 were revised as follows: +3.0% (instead of +3.1%) for the fourth quarter, +3.0% (instead of +2.8%) for the third quarter and +3.1% (instead of +2.9%) for the second quarter.
This decline in the first quarter of 2020 has been attributed mainly to the impact of confinement measures aimed at stopping the spread of coronavirus.
In this context, the added value of financial and insurance activities decreased by 2.9% 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 5.4%; business services and rental fell 6.1%; real estate activities rose 1.3%; industry, including energy and water distribution, fell 3.4%; construction fell 3.3%; public administration, education and health dropped 0.3%.