Credit: STATEC
STATEC, Luxembourg's national statistical office, has confirmed that the country's gross domestic product (GDP) fell 0.1% compared to the previous quarter and dropped 1.7% compared to the second quarter of 2022.
The annual changes in real GDP have been revised as follows: –1.7 % instead of –0.4% for the first quarter of 2023, –2.3% instead of –2.2% for the fourth quarter of 2022 and +2.1% instead of +3.8% for the third quarter of 2022.
In the second quarter of 2023, the change in real GDP was –0.1% compared to the previous quarter and –1.7% compared to the second quarter of 2022.
The annual data is subject to the traditional revision procedure: the complete annual accounts for the years 2019, 2020 and 2021 are revised and a first estimate of the complete annual accounts for the year 2022 is made. Thus, the annual evolution of GDP in volume for 2022 has been revised downwards: +1.4% instead of +1.6% calculated on the basis of quarterly estimates in March 2023.
STATEC publishes the first estimate of GDP for the second quarter of 2023, as well as revised figures for previous quarters. The quarterly series of GDP and the main aggregates are adjusted for seasonal variations.
The added value of financial and insurance activities decreased by 0.1% compared to the previous quarter. The evolution of the other branches, in order of importance in terms of GDP, is as follows: “Commerce; transportation; accommodation and catering” –2.5%, “Business services and rental” –0.4%, “Real estate activities” –0.3%, “Industry, including energy and water distribution” –3.4%, “Construction” –3.3% and “Public administration, education and health” +0.3%.
Compared to the first quarter of 2023, the final consumption expenditure of households and non-profit institutions serving households remained unchanged, while that of public administrations increased by 1.4%. Gross capital formation decreased by 4.7%. Exports decreased by 0.6% and imports decreased by 1.8%.
