Credit: STATEC
Luxembourg's statistics agency STATEC has published figures relating to the country's Gross Domestic Product (GDP) for the second quarter of 2022.
STATEC confirmed that Luxembourg's real GDP for the second quarter of 2022 was 0.5% lower than the previous quarter and 1.2% higher than the second quarter of 2021.
Annual changes to real GDP for 2021 have been revised as follows: up 2.7% rather than up 4.0% for the first quarter of 2022; up 4.1% rather than 4.9% for the fourth quarter of 2021; and up 2.0% rather than up 5.1% for the third quarter of 2021.
The annual data are subject to the traditional revision procedure and the complete annual accounts for the years 2018, 2019 and 2020 are revised. A first estimate of the complete annual accounts
for the year 2021 is carried out. Thus, the annual evolution of GDP in volume for 2021 is revised downwards to up 5.1% rather than up 6.9% calculated on the basis of quarterly estimates in March 2022.
GDP according to the “production” approach
The added value of financial and insurance activities increased by 2.11% compared to the previous quarter. The development of the other branches, in order of importance in the GDP, is as follows: “Trade; transport; accommodation and catering” fell 1.2%, “Business services and rental” rose 0.8%, “Real estate activities” rose 1.6%, “Industry, including energy and water distribution” fell 8.6%, “Construction” fell 8.7% and “Public administration, 8education and health8” rose 0.1%.
GDP according to the “expenditure” approach
Compared to the first quarter of 2022, the final consumption expenditure of households and non-profit institutions serving households decreased by 0.4% and that of general government increased by 0.5%. Gross capital formation fell by 5.4%. Exports increased by 0.3% and imports fell by 0.2%.
