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Unemployment February 2020Inflation rate March 2020Population 1.1.2020GDP growth 2019Public debt 2018

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In March 2020, the consumer price index, compiled by STATEC, is decreasing by 0.6% compared to the previous month. This movement is mainly explained by the introduction of free public transport and by a collapse of prices for oil products. The annual inflation rate is decreasing to reach 0.9% in March.
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During the year 2019, the population of the Grand Duchy increased by 12,214 persons, so that as of 1 January 2020, 626,108 inhabitants reside in Luxembourg. This continuous increase in the population is mainly due to net immigration. 47% of the inhabitants of the country do not have Luxembourg nationality.
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The risk of a pandemic related to the coronavirus has materialised. Europe is widely affected and this will weigh heavily on economic activity and lead to a deterioration in public finances.
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STATEC publishes today the first estimates of the gross domestic product (GDP) for the fourth quarter of 2019 and for the year 2019, as well as revised figures for the previous quarters. The GDP in volume increased by +3.1% during the fourth quarter of 2019 compared to the same quarter in 2018, and by 0.4% compared to the previous quarter.
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This represents an increase of 1,144 people. The seasonally adjusted unemployment rate calculated by STATEC is 5.5%.
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This increase in the fourth quarter is due to job creation in administration and in other public services, as well as in wholesale and retail, accommodation and food service activities.
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Coronavirus

STATEC just published its medium-term projections. The baseline scenario features a gradual slowdown in Luxembourg's economic growth, from a cycle peak observed in 2018/2019. Real GDP would hence slow from around 3% to around 2% by 2024, with employment growth converging to 1.5%. The projection is accompanied by two risk scenarios, one on the upside, the other on the downside, the latter possibly being linked to a severe economic crisis due to the coronavirus epidemic.
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Coronavirus

The appearance and spread of Covid-19 occurs in an already difficult global economic context and is an additional factor of slowdown. At the beginning of March, little data is available to judge its real economic impact, particularly regarding the measures taken to prevent the spread of the contagion. Nevertheless, the new virus represents a threat that could significantly reduce global, European and national activity in the short term, especially if the epidemic spreads rapidly.
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