Estimated Real GDP Up 0.5% over One Year, 9.8% over One Quarter

On Monday 14 December 2020, STATEC published its first estimate of Luxembourg's real Gross Domestic Product (GDP) for the third quarter of the year, as well as revised figures for the previous quarters. 

In the third quarter of 2020, real GDP increased by 0.5% compared to the third quarter of 2019 and by 9.8% compared to the previous quarter.

Annual changes to real GDP for the fourth quarter of 2019 (up 3%) and the first (up 1.5%) and second (down 7.8%) quarters of 2020 remain unchanged. The negative evolution of GDP in the second quarter of 2020 has been attributed maily to the impact of lockdown measures put in place to limit the spread of COVID-19.

Over one quarter, the added value of financial and insurance activities increased by 4.4%. The development of the other branches, in order of importance in terms of GDP, is as follows: trade, transport and accommodation and catering rose 19.6%; business services and rental rose 6.7%; real estate activities rose 1.2%; industry, including energy and water distribution, rose 26.4%; construction fell 3.3%; public administration, education and health rose 5.7%.

In addition, the final consumption expenditure of households and non-profit organisations rose 22.7% and that of public administrations went up 1.8% compared to the second quarter of 2020. Gross fixed capital formation increased by 34.3%. Exports went up 4.8%, whilst imports rose 7.3%.