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Financial News: Luxembourg GDP Grows In Q4

Luxembourg GDP Grows In Q4

03/15/2021 - 11:14:00 (RTTNews)

(RTTNews) - Luxembourg's economy expanded in the final three months of 2020 after stagnating in the previous quarter, preliminary figures from the statistical office showed Monday.

Gross domestic product grew 1.4 percent year-on-year in the fourth quarter after remaining unchanged in the previous three months.

The decline in private consumption worsened to 3.5 percent, while state spending grew 5.6 percent. Investments entirely erased the growth in the previous quarter and fell 9.5 percent.

Export growth improved strongly to 6.7 percent. Growth in imports more than doubled to 6.2 percent.

Compared to the previous quarter, GDP rose 1.6 percent following a robust 9.3 percent expansion in the third quarter. The economy grew for the second quarter in a row.

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