Luxembourg's statistics portal STATEC today revealed that the country's Gross Domestic Product (GDP) in the first trimester of 2015 has increased by 4.9% compared with the first trimester of 2014 and by 0.7% compared with the previous trimester.

The yearly evolution in real GDP for 2014 was reported by STATEC as follows: +3.2% instead of +1.3% for the second trimester and 5.2% instead of +3.8% for the third. The evolution of the fourth quarter stood at +8.5%. The quarterly GDP and the main aggregates were published with adjustments made according to seasonal variation.

The added value of financial and insurance activities was found to have dropped 3.7% compared with the previous quarter. The evolution of other sectors, in order of GDP importance, were as follows: trade, transport, accommodation and food fell by 1.8%; business services and rental increased by 3.0%; real estate activities went up by 2.6%; information and communication was raised by 2.3%; industry, including energy and water distribution, increased by 0.8%, construction fell by 2.9%; and public administration, education and health went up by 3.2%.

In relation to the fourth quarter of 2014, the final consumption expense of households and non-profit institutions serving households decreased 2.9% whilst that of public administrations rose by 0.9%. The increase of Gross Fixed Capital Formation (GFCF) stood at 1.4%. Exports were found to have increased by 1.1%, and imports by 0.7%.

Luxembourgish Prime Minister Xavier Bettel stated that the growth in GDP represented a significantly better result than was originally predicted, and created a positive outlook for the future.

"STATEC's appraisal for the first quarter of 2015 showing a growth of +4.9% compared to 2014 demonstrates stable development," he stated. "The outlook for Luxembourg is positive and advantageous for the international environment. It also shows that the measures taken by the government in the diversification of the economy and the development of the financial centre were right. The task now is to follow this route consistently, and promote sustainable growth."

 

Graph by STATEC (Evolution of GDP in Luxembourg)