Real GDP +1.4% over One Quarter, +4.9% over One Year

Luxembourg's statistical institute STATEC has published figures relating to the country's Gross Domestic Product (GDP) for the first quarter of 2021, as well as revised figures for the previous quarters.

STATEC confirmed that Luxembourg's real GDP for the first quarter of 2021 was 1.4% higher than the previous quarter and 4.9% higher than the first quarter of 2020.

Annual changes to real GDP for 2020 have been revised as follows: +1.7% rather than +1.4% for the fourth quarter; -0.1% rather than 0.0% for the third quarter; -8.0% rather than -7.9% for the second quarter.

Over one quarter, the added value of financial and insurance activities increased by 2.9%. The development of the other branches, in order of importance in terms of GDP, is as follows: trade, transport and accommodation and catering rose 4.4%; business services and rental rose 2.0%; real estate activities rose 1.0%; industry, including energy and water distribution fell 3.2%; construction rose 0.9%; public administration, education and health rose 1.0%.

In addition, the final consumption expenditure of households and non-profit organisations fell 2.4%, whilst that of public administrations went up 3.8% compared to the fourth quarter of 2020. Gross fixed capital formation decreased by 0.8%. Exports went up 1.2% and imports rose 2.0%.