Luxembourg economy

Luxembourg economy. After growing 1. 9% for Luxembourg Convention Bureau. Its remarkable economic success is reflected in the GDP per capita, which currently stands at nearly 130,000 dollars, according to the International Monetary Fund's latest data, which covers some 190 countries. Access OECD's projections, reports, surveys and recommendations for Luxembourg's economy. Crops include barley, wheat, oats, potatoes, and grapes for wine. 2024 Trading Economics provides the current actual value, an historical data chart and related indicators for Luxembourg - Real GDP growth rate - last updated from the EUROSTAT on February of 2024. However, the introduction of new international taxation rules may pose a risk to the outlook for Luxembourg’s economy. Luxembourg is a founding member of the International Bank for Reconstruction and Development (IBRD) . 78% decline from 2021. Luxembourg gdp for 2019 was $69. $139. Cattle and pigs are the main livestock. Is Luxembourg a wealthy country? This small, stable, high-income economy has historically featured solid growth, low inflation, and low unemployment. This Survey focuses on three main challenges. On the expenditure side, external balance of exports and imports is the main component of GDP and accounts for 35 percent of its total use, as exports of goods and services account for 200 The Luxembourg economy is set to strengthen further, growing 6. 0%) and to recover only marginally in 2024 and 2025 (+0. Concerning merchandise, at least 65% of goods and services 'made in Luxembourg is considered to be the third-most-open economy in the world, with an openness ratio of 158. 93B, a 1. Compared to March 2021, the number of job seekers decreased by 22% and the number of people receiving unemployment benefits decreased by 23. The northern region, (Oesling) is a ridged Real GDP Growth YoY data in Luxembourg is updated quarterly, available from Mar 1996 to Dec 2022, with an average rate of 2. 27B, a 3. In terms of size, Luxembourg’s government expenditure represents a substantial portion of its GDP (Gross Domestic Product). 9% in 2022. The economic climate in Luxembourg remained rather dreary during the interwar period, though. 5% to Luxembourg for Tourism, 11. 03. Data and research on economy including economic outlooks, analysis and forecasts, country surveys, monetary and financial issues, public finance and fiscal policy and productivity. Luxembourg gdp per capita for 2022 was $126,426, a 5. Luxembourg’s prosperity was originally based on the iron and steel industry, which in the 1960s represented as much as 80 percent of the total value of exports. 22% increase from 2019. Worldwide gross domestic product in 2022 was at about 12,703 USD per capita. 75B, a 1. 5% in 2021, 3. 56% increase from 2020. Luxembourg’s rise to the top of the world’s economy was greatly facilitated by its membership in the European Union Nov 7, 2011 · The iron and steel industry in Luxembourg comprises approximately 11% of the overall economy. [2] Luxembourg is a parliamentary representative democracy with a constitutional monarchy, ruled by a Grand Duke. B: Good. 4% of GDP in 2020, 27. The country’s main trading partners are Germany, France and Belgium. The trade balance in 2020 stood at 10% of GDP, which represents a decrease compared with 2019 (when it stood at 11. 1940 - Luxembourg is again occupied by Germany. Benefiting from its proximity to France, Belgium, and Germany, Luxembourg has a mixed economy in which At the same time, investment is expected to remain weak due to the uncertain economic outlook in combination with the impact of higher interest rates. Indicators of economy in Luxembourg The main economic performance of a country can be seen from its gross domestic product. 9% of GDP). Browse a full set of economic indicators, selected by Global Finance editors, including real GDP growth rate, with latest forecasts and historical data, GDP per capita, GDP composition by sector, inflation and unemployment rates, public debt statistics and more. Save time, pre-book your parking space online and benefit from economy parking and online-exclusive parking spaces. Employment in the country is increasing by an average of 3. Historically, Luxembourg - Real GDP growth rate reached a record high of 7. Luxembourg's economy is dependent on the banking, steel, and industrial sectors. You can’t park any closer! Please note that our parking spaces are only available in a limited number. With a population of 642,371, Luxembourg is the only Grand Duchy in the world. In 1957, Luxembourg became one of the six founding countries of the EEC (later 3 days ago · Despite being one of the smallest countries in the European Union, Luxembourg stands out as the wealthiest nation in the world. It may happen that certain products are temporarily unavailable. Besides steel, exports now include chemical and rubber products and finished glass, but the most profitable export is financial services. The U. 7% in 2022 and 3. Over the following five centuries, the powerful House of Luxembourg emerged, but its extinction put an end to Luxembourg economy: open, dynamic, reliable 6 Although small in size (2,586 km2), Luxembourg has a thriving economy and is renowned for its standard of living. 3% in 2021 and 28. 65% decline from 2018. 5% for the Regional Tourism Offices and 3. It is also one of the safest countries in the world. 59% increase from 2017. 24 percent Gross domestic product (GDP) growth rate in Luxembourg 2028. Data are in current U. Inflation Rate in Luxembourg decreased to 3. The data reached an all-time high of 18. The economy of Luxembourg slowed down markedly in 2023, with GDP contracting in the second and third quarters. Nov 17, 2022 · Learn how Luxembourg recovered from the COVID-19 pandemic and faces inflationary pressures, labour market shortages, fiscal sustainability and digital challenges. 5 percent of Luxembourg GDP, which helped stabilize the economy. The government system is a constitutional monarchy; the chief of state is the grand duke, and the head of government is the prime minister. License : CC BY-4. Although its recorded history can be traced back to Roman times, the history of Luxembourg proper is considered to begin in 963. 2% of GDP. Discover how Luxembourg attracts and integrates a motivated and productive international workforce. [1] Luxembourg has a population of half a million people in an area of approximately 2,586 square kilometres (999 sq mi). This rebound is due to a well-performing financial sector which managed to quickly revert to telework and only suffered limited effects of the pandemic. Luxembourg also produces iron and steel, machinery, chemicals, tires, and other goods. 5% of all non-financial firms in Luxembourg in 2018. Luxembourg is considered to be the third-most-open economy in the world, with an openness ratio of 158. copy the linklink copied! Australia is currently negotiating a bilateral tax treaty with Luxembourg which will further encourage economic integration through foreign investment and trade. 02. The occupation lasts for most of Nov 1, 2023 · Luxembourg is a member of the European Union (EU). Investment is expected to rise, alongside stronger consumption, supporting growth even as financial and business services activity normalises. 36% decline from 2021. The latest macroeconomic forecast for Luxembourg. New loans to all enterprises decreased in 2020 compared to 2019, marking the lowest level since data are recorded. In 2022, agriculture contributed around 0. 511 % from Mar 1996 to Jun 2023, with 110 observations. Luxembourg economy has remained resilient in the face of successive shocks, supported by solid fundamentals and a strong policy response. Estimates are made for certain types of under-reporting, such as tax evasion and other informal activities. 7 %. LUXEMBOURG 106 A domestic demand driven recession in 2020 The COVID-19 crisis will push Luxembourg’s economy into recession in 2020 with real GDP forecast to decline by 4½%, compared to an already low 2. 7% of real GDP growth in 2022 and 2. The Belgium-Luxembourg Economic Union (BLEU) was established in 1921 and provided for a customs and monetary union between the two countries. This records an increase from the previous number of 4. The Largest Industries In Luxembourg Banking . Nov 10, 2023 · Aaron O'Neill , Nov 10, 2023. The GDP per capita of Luxembourg in 2022 was $126,598, $8,327 higher than in 2021, it was $134,925. Luxembourg gdp for 2020 was $73. This statistic shows the distribution of the gross domestic product (GDP) across economic sectors in Luxembourg from 2012 to 2022. The GDP figure in 2022 was $81,706 million, Luxembourg is number 72 in the ranking of GDP of the 196 countries that we publish. Also Show Share Details. Despite its small landmass and small population, Luxembourg is the fifth-wealthiest country Nov 13, 2020 · Overview. 83B, a 1. This report provides an overview of Luxembourg's economic situation and economic developments based on the 2019-2022 CSRs, the RRP, the RRF, the EU-level targets and other indicators. Which car rental companies are at Luxembourg airport (LUX)? Car rental companies onsite at Luxembourg airport include Hertz , Budget , Alamo , Sixt , Enterprise Rent-A-Car , National and keddy by Europcar . 51B, a 15. The country has an export-intensive economy, with a persistent trade deficit. km (998 sq mi). Overall, economic activity is estimated to have decreased by 0. But first, here are the answers to some FAQs. The history of Luxembourg consists of the history of the country of Luxembourg and its geographical area. Label. 1%), wholesale and retail trade, transport, accommodation and food services (14. source: STATEC, Luxembourg. However, prosperity and quality of life cannot be taken for granted. The growth of the real gross domestic product in Luxembourg was forecast to increase between 2023 and 2028 by in total 2. S. Domestic consumption will sustain activity in 2023 and 2024, and a partial recovery Luxembourg’s economy is notable for its close connections with the rest of Europe, since Luxembourg itself is too small to create a self-sustaining internal market. 1% year-on-year in 2023, following a 1. In second place for improving export sales was paper including items made Luxembourg is considered to be the third-most-open economy in the world, with an openness ratio of 158. Financial and trade information, plus best banks and safest banks rankings are also included. The most recent exports are led by Iron Blocks ($1. In other words, the total quantity of all goods and services sold within Luxembourg minus intermediate consumption. In May 1940 the German army invaded and occupied Luxembourg for the second time. 06 Non-financial accounts by institutional sector - time series: 05. Luxembourg is a favourable market for Australian FDI based on its strong economic performance, dynamic services sector and business-friendly 12. 18 hours ago · · The current state of the economic environment in Luxembourg. · How the Luxembourg government is supporting the funds industry to retain the Duchy’s position as a leading European jurisdiction. 1%. The brochure brings together previously unpublished statistical data on the country's geography and environment, population and labour market, social conditions, businesses, and economy and finances. 02B from $16. 1961 - 2022. The index measures the amount of human capital that a child born today can expect to attain by age 18, given the risks of poor health and poor Apr 29, 2022 · In March 2022, the unemployment rate was 4. GDP at purchaser's prices is the sum of gross value added by all resident producers in Banking, tourism, and other services are the most important parts of the economy. Luxembourg is considered to be one of a kind owing to its location at the heart of Europe, the fact that it is home Paper, paper items: $553. Core inflation is forecast to rise steadily as growth In 2022, Luxembourg exported a total of $20. Road signs and markings are clear and primarily worded in French. Luxembourg economy: open, dynamic, reliable 6 Although small in size (2,586 km2), Luxembourg has a thriving economy and is renowned for its standard of living. 10 percent from 1996 until 2023, reaching an all time high of 12. Valuation: At market prices. A level that Luxembourg had not experienced since late 2008 and early 2009. The data reached an all-time high of 11. 20 percent in 1999 and a record low of -3. According to the latest available data, SMEs accounted for 99. 7% in 2023. 7%. This alliance later transformed into the current politico-economic Benelux Union (French: Union Benelux, German: Benelux-Union, Luxembourgish: Benelux-Unioun). $177. As can be observed on the physical map of Luxembourg, the country is divided into two regions, Oesling and Gotland. 30 percent in the first quarter of 2009. The international comparative figures also make it possible to SELECTED ISSUES. Luxembourg is an export-intensive economy. 3%) Luxembourg’s top 10 exports generated well over two-thirds (70. Sep 18, 2023 · Luxembourg’s economy has experienced fluctuations in its inflation rate, which is an important indicator of the overall health and stability of the country’s economy. 90% in December of 2020. It lost more than half of its territory to Belgium in 1839 but gained a larger measure of autonomy. Economic Overview. However, uncertainties and risks have risen, including from Russia’s war in Ukraine and global financial tightening, as well as high domestic real estate prices and household indebtedness. It is based on the information available at the time it was completed on May 12, 2022. 559 billion (2019 est. 1% from 2021 to 2022. 2024: 05. Luxembourg economic growth for 2018 was $66. Full Year GDP Growth in Luxembourg averaged 3. 1% per year. SMEs employed approximately 66% of the labour force and generated 63% of the economy’s total value added. On the expenditure side, external balance of exports and imports is the main component of GDP and Mar 13, 2024 · Background. Luxembourg’s service economy made it the 72 nd largest economy in the world in terms of GDP, but per-capita it’s the world’s 2 nd largest economy. $145. dollars (+25. 5B in 2017 to $20. Domestic consumption will sustain activity in 2023 and 2024, and a partial recovery exposures to Russia and Ukraine are limited, Luxembourg’s economic prospects depend on the reverberations of the war in Ukraine and monetary policy normalization throughout the globe. 167 % in Mar 2006 and a record low of Sep 22, 2021 · Luxembourg is famous for being the second richest country in the world, being a European economic powerhouse, and for having award-winning wines. 21% increase from 2018. As most Luxembourgers are fluent in (at least) two languages (French and Luxembourgish/German), and the small country seems non-threatening to most of the EU, Luxembourgers Foreign Trade in Figures. Growth in 2021 is expected to rebound to around 4% before settling Jan 5, 2024 · Aaron O'Neill , Jan 5, 2024. During the last five reported years the exports of Luxembourg have changed by $4. 45 percent in January of 2024. 14 percent of the employees in Luxembourg were active Economy (Hyundai i20 or similar) is the most frequently booked rental car type in Luxembourg. 4% rise in the preceding year. Agriculture is a small part of the economy. Conversely, for Unemployment and Inflation, a lower rank (closer to 0%) indicates a stronger economy. 6 million. 6% respectively). 8% in 2021. 57% decline from 2018. Aug 25, 2021 · GDP of Luxembourg. During the same period, the number of job offers increased by 49. Today, the country is a member of the five institutions that form the World Bank Group, including the International Development Association (since 1964), the International Finance Corporation (1956), the Multilateral Investment According to the European Commission, Luxembourg’s public debt is expected to increase to 25. 831 billion (2021 est. 82% increase from 2020. The European Commission publishes a full set of macroeconomic forecasts for the EU and its Member States in spring (May) and autumn (November) and publishes interim forecasts updating GDP and inflation figures in winter (February) and summer (July). Luxembourg gdp per capita for 2019 was $112,622, a 3. It ranks 17 th in services exports and 18 th in services imports globally. In 2021, 1. 22% of the countries in the dataset. The country’s one thousand square miles of land, houses over 160 banks and credit institutions and 14000 holding companies. Due to its small size and location, Luxembourg is highly open to foreign trade, which represents 389% of its GDP (the highest level in the world - World Bank). 61B), Rubber Tires ($761M), Gas Turbines ($633M), Cars ($561M), and Data on Luxembourg across agriculture,development,economy,education,energy,environment,finance,government,health,innovation and technology,jobs,society Find, compare and share OECD data by country. This page provides - Luxembourg Inflation Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. Luxembourg's openness rate is 168. For Exports, FDI and GDP measures, a higher rank (closer to 100%) indicates a stronger economy. Main export partners are Germany (27 percent of total exports), France (15 percent), Belgium (12 percent), the Netherlands (6 percent), the UK (4 percent), Italy (4 The 2019 budget includes an allocation of 16. 02 Selected other real economy indicators: 08. 0. It covers topics such as progress on the SDGs, the fair transition, the energy mix, the environmental investment, the fiscal sustainability, the business environment and the public administration. Get the latest insights on Luxembourg's economy, politics and risk from The Economist Intelligence Unit. The Statistics Portal of Luxembourg provides Real GDP in EUR, at Sep 18, 2023 · Additionally, the article will examine the sources of funding for government expenditure, such as taxes and borrowing. Perhaps most importantly, the grand duchy was an original member of the Benelux Economic Union (1944), which linked its economic life with that of the Netherlands and of Belgium and would subsequently form the core of the European Economic The new edition of "Luxembourg in Figures" offers a statistical overview of the country and luxembourgish society on 56 pages. In 1957, Luxembourg became one of the six founding countries of the European Economic Community (later the European Union) and, in 1999, it joined the euro currency area. Luxembourg’s services exports totaled $97 billion and its service imports topped $73. 04 Labour market indicators – Employment breakdown: 01. Luxembourg is considered to be one of a kind owing to its location at the heart of Europe, the fact that it is home Jan 5, 2024. Founded in 963, Luxembourg became a grand duchy in 1815 and an independent state under the Netherlands. The first concerns housing: strong population growth and supply constraints have made prices surge, which worsens affordability and creates vulnerabilities for some The Luxembourg economy is set to strengthen further, growing 6. Employment and wage growth remain robust. Luxembourg, the only Grand Duchy in the world, is a landlocked country in northwestern Europe surrounded by Belgium, France, and Germany. ) note: data are in current year dollars. Grade definitions: A: As good as it gets. The government has adopted ambitious energy sector targets, including a 50-55% reduction of greenhouse gas emissions by 2030. 2 % in Jun 1997 and a record low of -7. 7 percentage GDP Annual Growth Rate in Luxembourg averaged 3. The gross domestic product in current prices in Luxembourg was forecast to continuously increase between 2023 and 2028 by in total 22. 4% in 2022, Luxembourg's economy experienced a notable slowdown in 2023, characterized by a contraction in GDP during the second and third quarters. Luxembourg gdp for 2021 was $85. E: Extremely poor quality. 7 billion. Luxembourg is a small, landlocked country in western Europe bordered by Belgium, France, and Germany. 1% in 2023. 1% is the average growth rate of the Luxembourg economy over the last 5 years, which is almost four times higher than that of the Euro zone. Luxembourg. Streets in the city, construction sites, and crossroads are well illuminated at night. 20 percent in 2009. Overrun by Germany in both world wars, it ended its neutrality in 1948 when it entered into the Benelux Customs Union and when it joined NATO the following year. dollars. Luxembourg fared better than the EU growth rate of 5 percent. The Luxembourg national accounts cover all transactions, except illegal activities per se, to be included in the estimation of the GDP. 2023: 05. 03 Labour market indicators - Employment and unemployment: 01. Exports. In the following years, economic activity is expected to return gradually to historic trends with 3. News from Luxembourg Economy. The absolute value of GDP in Luxembourg rose $3,935 million with respect to 2021. D: Poor. The country primarily exports commercial services, especially those related to finance. The financial sector is the main driving force behind the Grand Duchy’s economy, representing about one-third of the country’s GDP, making Luxembourg vulnerable to external shocks. Over the past decade, it has consistently accounted for around 40% to 50% of the country’s GDP. 20 percent in February from 3. On highways, a digital alert system warns drivers of incidents or detours. Inflation refers to the general increase in prices over time, resulting in a decrease in the purchasing power of money. World Economics estimates Luxembourg's GDP to be $85 billion - 10% larger than official estimates. 4%. 9% and +1. 20% in December of 2021 and a record low of -0. Luxembourg is now Europe’s capital for private banking and focal point for reinsurance companies. For example, Luxembourg’s Exports rank is higher than 81. , Like many countries, Luxembourg is seeing its post-pandemic recovery lose momentum as Russia’s war of aggression against Ukraine weighs on economic activity and drives up inflation, according to a new OECD report. Aug 7, 2022 · Luxembourg is a small, landlocked country located in western Europe and bordered by Belgium, France, and Germany. 99B, a 5. 8% in 2023 from 1. Luxembourg Nominal GDP Growth data is updated quarterly, averaging 5. GDP at purchaser's prices is the sum of gross value added by all resident producers in the economy plus any product taxes and minus any subsidies not included in the value of the products. This package includes direct subsidies and compensatory payments to companies, state-guaranteed loans, deferral of taxes, and social security contributions. It is a landlocked country of thick, green forests that cover rolling hills and low mountains. 310 % for Mar 2023. 97% increase from 2019. Jan 10, 2024 · Luxembourg: Distribution of gross domestic product (GDP) across economic sectors from 2012 to 2022 Basic Statistic Employment by economic sector in Luxembourg 2021 Luxembourg. 329 % in Jun 2023. 3% in 2019. Luxembourg experienced strong economic and population growth between 2008 and 2018. 4 million (3. 8%) of the overall value of its global shipments. For most of that decade, energy demand and carbon dioxide emissions fell significantly, but they started to increase again in 2016. Organisation for Economic Co-operation and Development (OECD) Jan 31, 2024 · In 1867, Luxembourg attained full independence under the condition that it promise perpetual neutrality. 9 billion U. World Bank national accounts data, and OECD National Accounts data files. 8% in 2023, slightly more than expected in autumn, mainly affected by a contraction in financial services and in the construction sector. Luxembourg was also a founding member of the European Economic Community (EEC) in 1957 (which became the EU in 1993) and the North Atlantic Treaty Organization (NATO) in 1959. Luxembourg has a modern, well-maintained system of highways and secondary roads. 09 percent from 1996 until 2023, reaching an all time high of 8. In total, 23 stories have been published about Luxembourg Economy which Ground News has aggregated in the past 3 months. During the past few decades there has been a relative decline in the steel sector, offset by Dec 12, 2022 · 1921 - Luxembourg enters economic union with Belgium. Luxembourg gdp per capita for 2021 was $133,590, a 13. LineBarMap. Two-way trade in 2022 was $245. economic relationship with the EU is the largest and most complex in the world, and the United States and the EU continue to pursue initiatives to create new opportunities for transatlantic commerce. Luxembourg is known for its capital city, also called Luxembourg, having a curious network of underground tunnels and for having three national languages. C: Use with caution. 9 percent. . 5%). 01. 12. Luxembourg gdp per capita for 2020 was $117,370, a 4. 5%, making it the most open economy in the world. World Economics has developed a database presenting GDP in Purchasing Power Parity terms with added estimates for the size of the informal economy and adjustments for out-of-date GDP base year data. Copies of this report are available to the public from. Valuation. GDP growth is projected to slow to 0. 2023 data is based on IMF growth rate estimates Luxembourg – small sovereign country located in Western Europe, bordered by Belgium, France, and Germany. Learn about Luxembourg's dynamic and open economy, its main sectors, its global performance and its diversification efforts. 5 days ago · In the 20th century Luxembourg became a founding member of several international economic organizations. To view the evolution of the GDP per Economic forecast for Luxembourg. Luxembourg gdp for 2022 was $82. Its Jun 1, 2018 · Luxembourg Nominal GDP Growth was reported at 4. The statistic shows the distribution of employment in Luxembourg by economic sector from 2011 to 2021. It is a developed nation with one of the highest GDPs per capita on the planet and an advanced economy. Luxembourg is the wealthiest country in the European Union, and its finance sector is the biggest contributor to its economy. This paper on Luxembourg was prepared by a staff team of the International Monetary Fund as background documentation for the periodic consultation with the member country. 5B in 2022. The banking sector is the biggest industry in Data Quality Index numbers shown on a scale of 0-100. Luxembourg’s economy is characterized by its financial system and a high degree of international openness. Feb 6, 2024 · Published by Statista Research Department , Feb 6, 2024. The use of the Belgian currency in Luxembourg is permitted. 9%) and public administration, defence, education, human health and social work activities (17. comparison ranking. 05 Consumer confidence survey: 06. Mar 26, 1995 · The most important sectors of Luxembourg’s economy in 2020 were the financial and insurance activities (25. 7 Real GDP growth is forecast to reach 5. In 1957, Luxembourg became one of the six founding countries of the EEC (later Feb 24, 2021 · Luxembourg, one of Europe's smallest nations, has an area of only 2,586 sq. In the event of a global recession and in the wake of the coronavirus outbreak, forecasts indicate that the growth of Luxembourg's economy Luxembourg The Human Capital Index (HCI) database provides data at the country level for each of the components of the Human Capital Index as well as for the overall index, disaggregated by gender. 5B, making it the number 78 exporter in the world. · Opportunities and challenges in the wider alternatives market today. 11. CEIC calculates Real GDP Growth from quarterly Real GDP. 50 percent in the second quarter of 2021 and a record low of -7. 05. With additional drag coming from net exports, we expected GDP to have contracted in 2023 (-1. This budget increase is in line with the Government’s ambition to further strengthen the development of this economic sector. 0 = Poor, 100 = Excellent. Stay current with all the latest and breaking news about Luxembourg Economy, compare headlines and perspectives between news sources on stories happening today. · How the Luxembourg economy has been impacted by global economic trends. Measured activity in the key financial and insurance services sector is weakening, and tightening financial conditions are slowing private investment. Welcome to the only official airport car park in Luxembourg. Jan 31, 2024 · In 1867, Luxembourg attained full independence under the condition that it promise perpetual neutrality. May 23, 2019 · The city of Luxembourg is the seat of the EU's Court of Justice. Luxembourg's economy is estimated to have contracted by 1. The Government of Luxembourg also provided a major economic stimulus package of 11 billion euros ($13 billion), equivalent to 18. Luxembourg’s economy rebounded strongly in 2021 with a growth rate of 6. Luxembourg economic growth for 2018 was $67. In 1867, Luxembourg attained full independence under the condition that it promise perpetual neutrality. The economy of Luxembourg is dependent on the banking, steel, and industrial sectors and the country has one of the highest GDP per capita in the world. Dairy, eggs and honey was the fastest grower among the top 10 export categories, up by 23. 2. Domestically, persistent supply bottlenecks, including labor shortages, and a sharp drop in consumer confidence could weigh on prospects. Learn about the new government's policy priorities, the impact of the Red Sea crisis, the OECD global tax deal and more. Luxembourg is one of the most prosperous economies in the OECD. 6% in 2022 before picking up to 2% in 2024. GDP growth (annual %) - Luxembourg. 3 % in Mar 2009. GDP in Purchasing Power Parity terms with added estimates for the size of the informal economy and adjustments for out-of-date GDP base year data. Core inflation is forecast to rise steadily as growth Introduction to Luxembourg's economy. 417 billion (2020 est. Dec 28, 2021 · This small, stable, high-income economy has historically featured solid growth, low inflation, and low unemployment. ic zd xa pb fr sv to pe dt aw