STATEC, Luxembourg's national statistical office, has confirmed that the country's Gross Domestic Product (GDP) rose 2% in the first quarter 2023, but fell 0.4% compared to the first quarter of 2022.
The annual changes in real GDP for 2022 are therefore revised as follows: the fourth quarter remains at -2.2%, the third quarter is revised to +3.8% instead of +3.7% and the second quarter remains at +2.2%.
In 2023 Q1, the added value of financial and insurance activities increased by 5.5% compared to the previous quarter. The evolution of the other branches, in order of importance in the GDP, is as follows: “Trade; transport; accommodation and catering” -0.5%, “Business services and rental” +4.9%, “Real estate activities” +2.1%, “Industry, including energy and water supply” -1.8%, “Construction” +6.4%, and “Public administration, education and health” +0.6%.
Compared to 2022 Q4, final consumption expenditure by households and non-profit institutions serving households increased by 2.3%, while that of general government decreased by 0.4%. Gross capital formation increases by 6.4%. Exports decreased by 0.8% and imports decreased by 1.3%.
