Financial News: Luxembourg GDP Grows 0.6% In Q2

Luxembourg GDP Grows 0.6% In Q2

(RTTNews) - Luxembourg's economy expanded for a third straight quarter in the three months to June, but at a slightly slower pace, as a modest rebound in private consumption was offset by a decline in investments and stagnation in trade, preliminary estimates from the statistical office STATEC showed on Friday.

Gross domestic product grew 0.6 percent quarter-on-quarter. First quarter growth was revised up to 0.7 percent from a 1.0 percent slump reported earlier. The quarterly growth rate for the final three months of 2024 was revised down to 0.4 percent from 1.3 percent and that for the third quarter of the year to -1.9 percent from -1.2 percent. Private consumption grew 0.2 percent after a 0.5 percent fall in the previous quarter. Public expenditure rose 1.0 percent following a 1.3 percent gain. Fixed capital formation decreased 3.0 percent, entirely erasing the growth in the first quarter. Exports stagnated and imports slid 0.1 percent.

On the production side, industry grew 2.0 percent, while construction declined 3.6 percent. The information and communication services grew 4.9 percent, and the group including public administration, education, and health logged 0.9 percent increase in output. Output also decreased in the trade, transport, accommodation and food services category.

The economy shrank 0.2 percent year-on-year in the second quarter after a 1.9 percent decline in the previous three months.

STATEC revised down the 2024 growth to 0.4 percent from 1.0 percent, while the 2023 outcome was revised up to +0.1 percent from -0.7 percent.

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