Real GDP Up 1.2% Over One Quarter, Up 4.0% Over One Year

Luxembourg's statistics agency Statec has published figures relating to the country's Gross Domestic Product (GDP) for the first quarter of 2022, as well as revised for whole year 2021.

Statec confirmed that Luxembourg's real GDP for the first quarter of 2022 was 1.2% higher than the previous quarter and 4.0% higher than the first quarter of 2021.

Annual changes to real GDP for 2021 have been revised as follows: up 4.9% rather than up 4.8% for the fourth quarter; up 5.1% rather than 4.8% for the third quarter; and up 12.9% rather than up 12.7% for the second quarter.

Over one quarter, the added value of financial and insurance activities fell by 3.2%. The development of the other branches, in order of importance in the GDP, is as follows: trade, transport, accommodation and catering up 9.7%; business services and rental rose 2.3%; real estate activities fell 1.8%; industry, including energy and water distribution fell 0.1%; construction rose 6.2%%; public administration, education and health fell 0.5%.

In addition, the final consumption expenditure of households and non-profit organisations rose 1.8%, whilst that of public administrations went up 0.3% compared to the fourth quarter of 2021. Gross fixed capital formation fell by 2.6%. Exports and imports fell by 1.1% and 3.1%, respectively.