Despite two-and-a-half months of lockdown in spring 2020, Luxembourg managed to limit the decline in its growth over the year as a whole. Matic Zorman/archives

Despite two-and-a-half months of lockdown in spring 2020, Luxembourg managed to limit the decline in its growth over the year as a whole. Matic Zorman/archives

GDP contracted by 1.3% in volume at the end of 2020, Statec said on Monday, in a first estimate which confirms a scenario published in early March.

The statistical agency is also revising its previous evaluations, with--in annual variation--+1.3% in the first quarter, -7.9% in the second quarter, 0.0% in the third quarter, and +1.4% in the fourth quarter.

From October to December 2020, the information and communication sector performed well, with growth of 10.5% (and even 28.6% over one year), ahead of financial and corporate activities. insurance reached 4.0% growth. On the other hand, trade, as well as transport and hospitality, is down 5.2%, and even 8.0% year-on-year.

The end of the past year was also marked by a 2.3% drop in household consumption expenditure, after a sharp rebound of 23.9% observed between July and September. General government expenditure recorded an increase of 0.9%, and over the year as a whole, the indicator rose 5.6%.

Of course, this first estimate is subject to reassessment. But it contrasts sharply with the analyses issued at the end of the first lockdown, which evoked the worst recession since the steel crisis of 1975.

This article was originally published in French on Paperjam and has been translated and edited for Delano.