Luxembourg GDP Grows 1.4% In Q4

(RTTNews) - Luxembourg's economy expanded in the final three months of 2024 after shrinking in the previous quarter, preliminary data from the statistical office showed on Wednesday.

Real gross domestic product grew 1.4 percent from the third quarter when the economy shrunk 0.9 percent.

Among the production side components, industry and, financial and insurance services sectors registered growth while output declined in others. On the expenditure side, all components except gross fixed capital formation logged growth.

GDP rose 1.9 percent year-on-year in the fourth quarter of 2024. The third quarter growth rate of 1.2 percent was revised down to zero percent. Economic output declines in both the first and second quarters were revised up to growth of 0.5 percent and 1.6 percent, respectively.

The Luxembourg economy grew 1.0 percent in the full year 2024 after a 0.7 percent contraction in 2023, which was revised up from 1.1 percent decline.

The statistical office has forecast economic growth of 2.5 percent for this year and 2.4 percent for next year.