Real GDP Up 1.6% in Q4 2020

According to STATEC, Luxembourg's real Gross Domestic Product (GDP) for the fourth quarter of 2020 was 1.6% higher than the previous quarter and 1.4% higher than the fourth quarter of 2019.

Annual changes to real GDP for 2020 have been revised as follows: 0.0% rather than an increase of 0.5% for the third quarter; a decrease of 7.9% rather than 7.8% for the second quarter; an increase of 1.3% rather than 1.5% for the first quarter.

Over one quarter, the added value of financial and insurance activities increased by 4.0%. The development of the other branches, in order of importance in terms of GDP, is as follows: trade, transport and accommodation and catering fell 5.2%; business services and rental fell 1.0%; real estate activities rose 0.6%; industry, including energy and water distribution, rose 4.4%; construction fell 0.9%; public administration, education and health rose 1.1%.

In addition, the final consumption expenditure of households and non-profit organisations fell 2.3%, whilst that of public administrations went up 0.9% compared to the third quarter of 2020. Gross fixed capital formation decreased by 11.8%. Exports went up 5.0% and imports rose 2.7%.