“Economic expansion and steady growth in productivity,” is how the Luxembourg Chamber of Commerce describes economic activity in Luxembourg in 2017. In its annual report, it describes the grandy duchy as, “one of the most open economies in the world,” allowing it to take full advantage of European growth, which accounts for 81% of its exports.

As for Europe, “Growth in the European Union was stronger than expected in 2017, reaching levels not seen for more than 10 years” the report continues, adding that this was driven by increased private consumption, sustained investment, strong global growth and a fall in unemployment.

In 2017, Luxembourg exports increased by 7%, growth reached 2.3% and industrial production also increased by 7%. Employment rose by 3.3% to arrive at the same level as GDP. According to the chamber, the weaker than expected GDP growth is mostly explained by the performance of the financial sector.