National accounts, seasonally adjusted data; Credit: STATEC;
Credit: STATEC
In its latest report, Luxembourg's statistical institute, STATEC, confirmed that salaried employment continued to grow into the fourth quarter of 2022.
A slowdown in the growth of salaried employment was observed in the first quarter of 2023: the salaried employment market increased by 0.5% compared to the fourth quarter of 2022 (compared to 0.7% in the previous quarter). Over one year, the increase was 2.9% (3.3% in the last quarter of 2022).
Financial and insurance activities (up 1.0%) as well as trade, transport, accommodation and catering (also up 1.0%) showed highest quarterly growth compared to the fourth quarter of 2022. For construction activities, a downward trend was observed in the first quarter of 2023 (down 0.2% compared to the fourth quarter of 2022).
Financial and insurance activities (up 3.9% year-to-year), as well as administration and other public services (up 3.8% over one year) are the most dynamic branches in a year-to-year comparison. Regarding the former, the favourable development came from investment and pension fund management activities. As for the later, central government services recorded the most significant growth.
In the first quarter of 2023, the number of cross-border workers again rose faster than that of resident workers: an increase of 0.7% compared to the fourth quarter of 2022 for cross-border workers and an increase of 0.5% for residents. French cross-border employees saw the strongest increase: up 0.9% compared to the previous quarter. Over one year, the number of non-EU resident employees increased by 17.4% (up 1.5% for Luxembourg residents).
