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The BCL credits the difference to an increase in cost of importing raw materials, energy products and capital goods (Luxembourg launched two satellites in March and May 2017, compared with none in 2016).

Net exports of services, both financial and non-financial, increased in 2017, according to the BCL. The balance of international service trade for the first nine months of 2017 rose by nearly €1.2 b to €17.3b.

This rise was not enough to absorb the primary income deficit, which BCL says is linked to employee compensation and investment income.