According to STATEC, Luxembourg's national statistical office, real Gross Domestic Product (GDP) growth in Luxembourg was +0.6% in the second quarter of 2025 compared to the previous quarter and -0.2% compared to the same quarter of 2024.

Quarterly GDP volume growth has been revised as follows: +0.7% instead of -1.0% for the first quarter of 2025, +0.4% instead of +1.3% for the fourth quarter of 2024, and -1.9% instead of -1.2% for the third quarter of 2024. The quarterly series of GDP and the main aggregates are adjusted for seasonal variations.

GDP by the "Expenditure" approach

Household consumption increased slightly in the second quarter, supported by higher spending on healthcare services, catering and food products. By contrast, households consumed less real estate administration services and fewer goods and services related to personal vehicles compared to the first quarter. Public consumption remained dynamic, maintaining a growth rate in line with previous quarters.

Gross fixed capital formation declined, particularly in non-residential construction and in aircraft and satellites. However, investment increased in other transport equipment, metal products and machinery compared to the first quarter.

Exports stagnated in the second quarter, reflecting an increase in non-financial services but a decline in goods and financial services.

Annual revisions

STATEC also revised the annual accounts: GDP volume growth for 2023 was adjusted upwards to +0.1% from -0.7% previously, while the figure for 2024 was revised downwards to +0.4% instead of +1.0%.

At the sectoral level, business services were revised downwards for both 2023 and 2024, while information and communication services (2023), financial activities (especially in 2024), real estate activities, trade and industry saw revisions either upwards or mixed depending on the year.

On the demand side, household consumption was revised significantly upwards, now estimated to have grown by 3.5% annually on average in 2023 and 2024 (compared with 1.5% previously). Investment expenditure remains in decline for both 2023 and 2024, although less sharply than earlier estimates suggested. Non-financial services trade was revised downwards for both exports and imports in 2024.

GDP at current prices for 2024 amounted to €86,180 million, virtually unchanged from previous estimates (+0.1%).