GDP evolution in volume; Credit: STATEC

STATEC, Luxembourg's national statistical office, has confirmed that the country's Gross Domestic Product (GDP) rose 0.5% in the first quarter of 2024, but fell 0.4% compared to the first quarter of 2023. 

The annual changes in real GDP for 2023 are therefore revised as follows: the fourth quarter remains at -0.6%, the third quarter is revised to -2.0% instead of -2.1% and the second quarter to -0.4% instead of -0.5%. The quarterly series of GDP and the main aggregates are adjusted for seasonal variations.

In 2024 Q1, the added value of financial and insurance activities increased by 1.3% compared to the previous quarter. The evolution of other branches, in order of importance in the GDP, is as follows: "Trade; transport; accommodation and catering" +2.0%, "Business services and rental" +0.1%, "Real estate activities" 0.0%, "Industry, including energy and water supply" -0.9%, "Construction" +1.2%, and "Public administration, education and health" +0.5%.

Compared to 2023 Q4, final consumption expenditure by households and non-profit institutions serving households decreased by 1.0%, while that of general government increased by 0.1%. Gross capital formation decreased by 0.6%. Exports decreased by 0.7% and imports decreased by 1.4%.

GDP to the "Expenditure" approach Compared to the fourth quarter of 2024, final consumption expenditure of households and non-profit institutions serving households and Gross fixed capital formation decreased by 0.6%.