Real GDP Up 0.5% over One Quarter, Up 6.9% over One Year

Luxembourg's statistics agency Statec has published figures relating to the country's Gross Domestic Product (GDP) for the last quarter of 2021, as well as first estimates for whole year 2021.

Statec confirmed that Luxembourg's real GDP for the last quarter of 2021 was 0.5% higher than the previous quarter and 4.8% higher than the first quarter of 2021.

Annual changes to real GDP for 2021 have been revised as follows: up 4.8% rather than up 5.3% for the third quarter; up 12.7% rather than up 12.6% for the second quarter. The real GDP at up 5.6% in first quarter of 2021 remains unchanged. The first estimates of real GDP growth for whole year was up 6.9%.

Over one quarter, the added value of financial and insurance activities fell by 0.4%. The development of the other branches, in order of importance in the GDP, is as follows: trade, transport, accommodation and catering down 1.8%; business services and rental rose 1.8%; real estate activities rose 1.9%; industry, including energy and water distribution rose 5.0%; construction fell 2.8%; public administration, education and health rose 1.3%.

In addition, the final consumption expenditure of households and non-profit organisations fell 0.5%, whilst that of public administrations went up 2.5% compared to the third quarter of 2021. Gross fixed capital formation increased by 6.4%. Exports went up 2.2% and imports rose 4.2%.