Eurostat Statec figures show Luxembourg consumption rates at 32% above the EU average with average annual growth of 2.1% since 2010. However, all is not what it seems. A Statec economist told Paperjam that consumption is largely driven by the 160,000 cross-border commuters coming to Luxembourg daily. Furthermore the growth was in-line with the increase in population. Taking that into account, consumption rates stagnated at 0% for the past 15 years.

Luxembourg Prime Minister Xavier Bettel received his second honorary doctorate from Bucharest University during an official visit to Romania from Friday to Sunday. Bettel also met with Romanian president Klaus Iohannis and prime minister Sorin Mihai Grindeanu to discuss bilateral relations and current affairs matters including the Schengen zone and migration.

Luxair announced plans to increase flight frequency in a bid to counter competition from low-cost operations. The airline lost Munich and Frankfurt in 2016 and served 1.8 million passsagers, down from 3 million the year before.

Luxembourg is participating in the Paris-Le Bourget’s international space and aeronautic salon under the auspices of space mining initiative Spaceresources.lu. Around 15 companies will represent the country at the show.

Variable interest rates on mortgages fell by 2 points from March to April, bringing the rate to 1.63%, according to the Banque de Luxembourg. The volume of new loans issued fell by €53 million, rising to €181 million.