On Thursday 22 September 2022, Luxembourg's observatory of competitiveness (observatoire de la compétitivité - ODC), a monitoring unit of the Ministry of the Economy in charge of documenting, observing and analysing the evolution of the Grand Duchy of Luxembourg’s competitiveness, published a letter (No. 14) with an update on Luxembourg's macroeconomic overview.
According to the economic reading of the indicators, to date, ODC confirmed that there are no proven macroeconomic imbalances in Luxembourg. With regard to the external imbalances component, no indicator points to an imbalance, while in the employment indicators component, the youth unemployment rate has increased over three years.
At the European Union (EU) level, macroeconomic surveillance aims to identify, prevent and address the emergence of potentially dangerous macroeconomic imbalances that could adversely affect the economic stability of a particular Member State, the euro area or the EU in his outfit. Produced ahead of the "Alert Mechanism Report", an annual publication of the European Commission, this letter from the observatory (No. 14) presents an update of the scoreboard concerning macroeconomic imbalances in order to give an first impression of Luxembourg's recent performance.
Introduced in 2004, the “Letters from the Observatory” enable targeted communication and aim to provide information on competitiveness in the broad sense, as well as on the work carried out within the ODC. They are aimed both at economic players and at a wider interested public. The opinions expressed in these letters are those of the authors and do not necessarily correspond to those of the Ministry of the Economy or the government of the Grand Duchy of Luxembourg.
With the publication of this letter No. 14 on the situation of Luxembourg in the procedure concerning macroeconomic imbalances, the ODC is reviving its old series of publications, which will replace, as of now, the “competitiveness report”.
The ODC's letter No. 14 is available online via: https://odc.gouvernement.lu/fr/publications.html.