Statec ,the national Luxembourg 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, “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.
Source: Delano