Vincent Hein, pictured, said Luxembourg remains a very attractive "safe harbour"
Photo: Idea Foundation
“The end of the current parliament’s tenure has coincided with a period of economic, felicity,” announced Vincent Hein of the Idea Foundation at its annual press conference that took place on 11 April 2018.
At the press conference, the think tank presented its annual review of the current national and international economic situation, as well as it socio-economic assessment of the period 2013 – 2017.
“Key indicators of the economic good times being enjoyed in Luxembourg are its strong come back from the global economic crisis, with an average annual economic growth rate of 3.5%, an improvement in the jobs market and public finances, including public revenue growth of 4%, expenditure of 3.5% and an increased investment rate,” reported Hein.
Over the period 2013 - 2017, growth was felt in most major sectors of the Luxembourg economy, both in terms of value added and employment. Major increases in value added include ICT, administrative and support services, logistics and scientific and technical activities.
“Driven by this economic expansion, the labour market is also performing remarkably, with the net creation of more than 11,000 jobs each year (+ 2.9% per year on average),” Hein continued. “Of this number, 51% were filled by non-residents,” and another new statistic has emerged. “One in seven new cross-border workers has Luxembourgish nationality.”
“Under these conditions, Luxembourg remains a very attractive "safe harbour",” said Hein. “It continues to attract new people, having increased its resident headcount by 97,000 souls over the 10-year period 2006-2016.” He also remarked that Luxembourg continues to attract highly qualified profiles.
The full version the Idea Foundation’s report, entitled “L’Elue?” can be read here.
Further reports from the foundation’s annual press conferences will be published over the next few days.