Luxembourg gross domestic product rose in the 1st quarter of 2018, with activity still characterised by the resilience of non-financial services. With this impetus, the prospect of almost 4% growth this year seems largely within reach.
Luxembourg GDP in volume grew 2.0% over one quarter in the 1st quarter of 2018 (+5.1% over one year). This is the best performance posted since the 2nd quarter of 2016, and growth was recorded across almost all economic sectors. Information, communication services and trade contributed the most to this result. Added value in the financial sector stagnated compared to the 4th quarter of 2017 but rose sharply compared to the 1st quarter of 2017 (+6.7%) when it was exceptionally low. Generally speaking, non-financial services continue to be the main driver of growth. Manufacturing lagged behind slightly (just +0.4% over one quarter) and construction performance (+1.3%) owed much more to companies involved in property development than to those in “traditional” activities (building, civil engineering and specialised activities). Read the full STATEC report