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Published on 14.06.2022
The real GDP growth for the first quarter of 2022 is 4% higher than Luxembourg’s performance during the same period in 2021 according to Statec. Photo: Shutterstock.
Luxembourg’s GDP grew by 1.2% in the first quarter of 2022 compared to the previous three months, according to statistics bureau Statec, as the country continues its economic recovery from the effects of the pandemic in 2020.
GDP growth for the first quarter of 2022 is also 4% higher than the performance during the same period in 2021. But Statec revised annual changes in GDP for 2021 with 4.9% instead of 4.8% for the fourth quarter of 2021 and +5.1% instead of +4.7% for the third quarter of that year. The initial numbers that were made available are categorised by the statistics bureau as a flash estimate that takes into account the information available at the time.
Financial and insurance activities–an important sector of Luxembourg’s economy–saw their value added decrease by 3.2% compared to the previous quarter. Meanwhile the trade, transport, accommodation and food services sector grew by 9.7%. Business activities and renting (+2.3%) and construction (+6.2%) also contributed more to the economy.
Real estate activities (-1.8%) industry (-0.1%) and public administration (-0.5%) registered a decrease compared to the previous quarter.
The consumption expenditure of households and non-profit institutions serving households increased by 1.8% compared to the fourth quarter of 2021. Gross capital formation (-2.6%), exports (-1.1%) and imports (-3.1%) all decreased.