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Luxembourg GDP signals return of economic growth in 2013
Economics

Luxembourg GDP signals return of economic growth in 2013

08.10.2013 From our online archive
Luxembourg's GDP in the second quarter of 2013 was 2.4 percent above the 2012 level, according to the national statistics office; however, GDP for the end of 2012 had to be revised downwards.

(CS) Luxembourg's GDP in the second quarter of 2013 was 2.4 percent above the 2012 level, according to the national statistics office; however, GDP for the end of 2012 had to be revised downwards.

On the whole, 2012 GDP had to be adjusted to -0.2 percent, compared to the estimate of +0.3 percent. This was largely due to a revision of end-of-year figures, with the final quarter revised from +1.6 percent to just +0.2 percent on top of negative values from the third quarter (-0.5 percent).

This year, however, seems to mark a return of economic growth for the Grand Duchy so far.

In the first quarter of 2013, GDP was revised upwards from +1 percent to +1.2 percent compared to the same period in 2012, with the second quarter now estimated to be +2.4 percent above the same time last year.

These are some of the best figures recorded over the past couple of years.

The biggest added value in the second quarter of 2013 compared to the same time in 2012 came from the communication and IT sectors (+7.8 percent), which has seen positive growth for the past year.

The highest loss (-4.6 percent) was experienced in agriculture and fishing, which has developed negatively for three quarters in a row.

Also on the rise were both exports and imports, which increased year on year and compared to the previous quarter.

For the full report in French visit statec.lu