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Luxembourg's economy had best year since financial crisis

Luxembourg's economy had best year since financial crisis

by Emery P. DALESIO 14.03.2022 From our online archive
A 6.9% GDP growth in 2021 was best since 8% mark in 2007
Photo credit: Shutterstock

Luxembourg's economy punched up by 6.9% last year, the country's statistics agency said on Monday, marking the best growth in the Grand Duchy's broadest measure of output since before the global financial crisis erupted more than 13 years ago.

The country's increase in annual gross domestic product nearly matched Statec's December forecast that the widely observed figure would grow by 7% in 2021 thanks to the country largely escaping the economic dislocations of the Covid-19 pandemic. Annual GDP growth for last year was the best since Luxembourg achieved 8% in 2007, the year preceding the global financial crisis, according to World Bank data.

Both the EU and the euro-zone grew by 5.3% in GDP in 2021, the EU's Luxembourg-based statistics agency Eurostat reported last week.

Luxembourg's GDP slowed to 4.8% growth in the last three months of 2021 compared to the fourth quarter of the previous year, Statec said. That and the same growth level during the third quarter of 2020 marked a cooling from the dramatic 12.7% rebound in economic activity during 2021's April-to-June quarter as Covid safety restrictions were pared back.

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