Statec ,the national statistics office, has revised its economic growth forecast for the period 2018 to 2019. Previously announced at 4.5% in December 2017, this estimate has been reduced to 4%.
According to Serge Allegrezza, director of Statec (as reported on Paperjam on 5 June 2018), “Luxembourg's economic growth should be 3.9% this year and 4% in 2019. Evolution slowed at the end of 2017, resulting in GDP growth of 2.3%. This is weaker than the growth recorded in 2016 (+ 3.6%), and it is weaker than our last forecast, which projected a GDP increase of 3.4% in 2017.”
As such, the economic growth forecast in Luxembourg is at more or less the same level as the eurozone at 2.4%.
“This downward revision was unavoidable after the fall in stock prices observed at the beginning of the year. However, this does not change the general economic diagnosis-- that of dynamic growth that is maturing steadily,” Tom Hass of Statec’s economic modelling and forecasting team.