Credit: STATEC
In its latest report, STATEC confirmed that the Luxembourg economy experienced an economic rebound in the third quarter of 2020.
Economic activity recovered significantly in the third quarter of the year, suggesting a less severe recession than expected. GDP rose by around 10% over one quarter. Nonetheless, the end of 2020 was marked by a significant increase in restrictive measures among Luxembourg's main trading partners, which could have negative repercussions on the national economy.
In the third quarter, salaried employment increased by 1.4% compared to the previous quarter (up 1.9% over one year). Specialised activities and support services grew by 4.6% compared to the second quarter of 2020.
More specifically, administration and other public services (up 5.2% over one year) and construction activities (up 3.9%) were the sectors that fared best. On the other hand, the economic situation remains difficult for industrial (down 0.7%) and other activities (down 0.2%) which recorded a decrease in the number of employees compared to the second quarter.
The number of cross-border workers increased by 2% compared to the previous quarter, compared to an increase of 0.9% for resident employees.
