FINANCE - BANKS

Eurostat figures

Finance adds nearly a quarter to Luxembourg’s economy



Financial and insurance activities added €14.7bn to Luxembourg’s economy in 2020, Eurostat has said. Image credit: Towfiqu Barbhuiya/Unsplash

Financial and insurance activities added €14.7bn to Luxembourg’s economy in 2020, Eurostat has said. Image credit: Towfiqu Barbhuiya/Unsplash

Luxembourg’s finance industry represented more than a fifth of the country’s economy, figures released this month indicate.

Financial and insurance activities contributed 22.9% of Luxembourg’s gross added value in 2020, compared to 23% in 2019, according to Eurostat, the EU’s statistics agency. Across the EU27, finance and insurance added 4.1% to the economy in 2020 and 3.9% in 2019.

Gross added value is the net balance of goods and services produced in a country or region.

The financial sector was by far the largest engine in the grand duchy’s economy in 2020, ahead of the public sector (which contributed 16% of gross added value); retail, logistics and hospitality (13.6%); and professional, scientific and technical activities, and support services (12.3%).

Eurostat reported that Luxembourg’s finance and insurance sector represented 2.7% of the EU27 total in 2020, up from 2.6% in 2019.