Credit: STATEC

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

STATEC confirmed that Luxembourg's real GDP for the second quarter of 2021 was 0.5% lower than the previous quarter but 11.8% higher than the second quarter of 2020.

Annual changes to real GDP for 2020 and 2021 have been revised as follows: +5.2% rather than +4.9% for the first quarter of 2021; +0.8% instead of +1.7% for the fourth quarter of 2020; -0.2% rather than -0.1% for the third quarter of 2020.

Over one quarter, the added value of financial and insurance activities increased by 0.5%. The development of the other branches, in order of importance in terms of GDP, is as follows: trade, transport and accommodation and catering fell 2.9%; business services and rental rose 1.4%; real estate activities remained unchamged (0.0%); industry, including energy and water distribution increased 0.8%; construction rose 0.7%; public administration, education and health rose 1.1%.

In addition, the final consumption expenditure of households and non-profit organisations decreased by 1.7%, whilst that of public administrations went up 0.4% compared to the first quarter of 2021. Gross fixed capital formation increased by 3.3%. Exports went up 1.7%, while imports rose 1.4%.