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Luxembourg Economy Rose by 4.4% in the Second Quarter of 2016

Written by: Bridgewest

Luxembourg-economy-rose-by-44-in-the-second-quarter-of-2016Luxembourg’s economy is booming at the moment, according to various surveys. The last one, which was issued by the National Statistics Office, Statec, announced a 4.4% economic growth in the second quarter of the year for the Grand Duchy. The economy also rose by 1.6% compared to the first three months of the year, according to calculations. Our Luxembourg company formation representatives can assist foreign investors interested in opening companies here.

Luxembourg economy increased in 2016 compared to 2015

At the end of October, Statec issued the first report on the Luxembourg economy for the second quarter of this year. Compared to the same period of time in 2015, a rise of 4.4% was registered this year. Most companies in Luxembourg have announced higher returns which were reflected in the economy. The economic increase in the second quarter was also higher by 1.6% compared to the first quarter, meaning Luxembourg is doing very well.

Statec also issued the calculations for the last two quarters of the year: the new data show an increase of 1.7% during the third quarter and 2.1% for the last quarter of 2016.

What were the industries registering the best results?

According to the National Statistics Office, companies in the financial services registered the highest incomes, with the insurance services cluster rendering the best results. The total growth for this industry was 1.3%.

Based on the recent support granted by the Government to other industries, the first results already appeared: the trade, hospitality, transportation and food sectors registered a 2.9% increase together. The gross domestic product also rose by 7.9% for the information and communication technology (ICT) and by 2.4% for the construction segment. However, this last data was recorded during the first two quarters of 2016.

According to Statec, the manufacturing industry continues to remain one of the best industries to invest in Luxembourg. Based on the World Economic Forum (WEF) Global Competitiveness Report, in 2016 Luxembourg ranked 5th out of 140 countries in the good market efficiency.

For more information on the laws related to foreign investments in the Grand Duchy, please feel free to contact our company registration agents in Luxembourg.

 

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