Abstract
After a decline in GDP of only 1.3% in 2020 (the economic impact of the coronavirus pandemic was relatively benign because of the structure of Luxembourg’s economy), GDP growth was expected to return to a positive rate of 4% in 2021, and 2.6% in the medium term (estimations by STATEC). With an average growth rate of 2.1% over the last five years, Luxembourg’s economic growth rate is almost four times higher than that of the euro area. The Grand Duchy is considered to be the third-most-open economy in the world, with an openness ratio of 158.2% of GDP.
The country has an export intensive economy, with a recurrent trade deficit. The share of foreign trade in Luxembourg’s GDP is currently higher than 30%. Even during the coronavirus crisis, the country has continued to pursue its strategy of public investment. Direct and indirect investments were expected to reach 4.3% of GDP in 2021, a significantly higher level than the average of 3.7% during the 2015-2019 period (...)
Original language | English |
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Place of Publication | Gütersloh |
Publisher | Bertelsmann Stiftung |
Number of pages | 83 |
Publication status | Published - 15 Sept 2022 |
Keywords
- governance
- indicators
- sustainability
- Luxembourg
- Bertelsmann