Luxembourg Economic Forecast

Luxembourg Economic Outlook

February 26, 2019

Luxembourg’s economy appeared to get off on the right foot this year after what appeared to be solid third (Q3: +0.6% quarter-on-quarter s.a.) and fourth-quarter outturns last year. That said, its highly-developed financial markets have left it particularly exposed to the recent pullback across the Eurozone. Despite growing apprehension, financial-sector gains buoyed third-quarter growth. Non-financials, meanwhile, perked up. On the demand side, job creation and tax cuts bolstered economic sentiment which, in turn, lifted household spending. Fixed investment contracted for a third quarter, however, on an aircraft- and satellite-related base effect.

Luxembourg Economic Growth

Household spending is expected to lose steam this year as employment gains slow, although resilient economic sentiment and low inflation should cushion any downturn. Private-sector investment, meanwhile, should make a comeback. A shakier global economy presents external-sector risks and increased financial-market volatility could eat into the real sector’s momentum. Met the why particular analysts see growth at 3.0% in 2019, down 0.1 percentage points from last month’s forecast, and 2.9% in 2020.

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Luxembourg Facts

Exchange Rate1.120.65 %Mar 11
Stock Market6910.19 %Mar 11

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