Financial News: Luxembourg Economy Contracts 0.9% In Q2

Luxembourg Economy Contracts 0.9% In Q2

(RTTNews) - Luxembourg's economy logged a renewed contraction in the second quarter, preliminary estimates from the statistical office STATEC showed on Wednesday.

Gross domestic product dropped 0.9 percent sequentially, reversing a revised 0.3 percent growth in the second quarter.

The expenditure breakdown showed that gross fixed capital formation declined 1.9 percent compared to a 6.3 percent surge in the previous quarter. Final consumption expenditure of households dropped 0.3 percent, while the general government consumption increased at a slower pace of 1.1 percent versus 1.8 percent in the first quarter. Both exports and imports decreased by 0.4 percent and 0.8 percent, respectively.

The annual economic growth moderated to 1.3 percent from 2.8 percent in the March quarter.

Separate official data showed that the country's consumer price inflation climbed to a 5-month high of 2.9 percent in September from 2.2 percent in August, driven by the recent rebound in oil prices and a greater contribution from service prices.  Energy prices alone grew 12.0 percent from last year; service costs were 3.4 percent more expensive.

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