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Unemployment rate March 2021Inflation rate March 2021Population 1.1.2021GDP growth 2020Public debt 2020

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The number of available resident job seekers registered with ADEM is 18,689 as of March 31, 2021. The seasonally adjusted unemployment rate calculated by STATEC is 6.1%.
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Housing in figures in the fourth quarter of 2020
08-04-2021 | STATEC, Observatoire de l'Habitat

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In the fourth quarter of 2020, home prices (apartments and houses combined) increased by 16.7% compared to the fourth quarter of 2019, which is a clear acceleration of the rates seen in previous quarters.
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Following the monthly decrease in February due to winter sales, the consumer price index, compiled by STATEC, is increasing by 1.4% in March. However, when neutralizing the effect of higher prices due to the end of the winter sales period, the index increases by 0.4% compared to the previous month. This movement is mainly explained by an increase in prices of oil products. The annual inflation rate is increasing to reach 2.0% in March.
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A summer unlike any other...
02-04-2021 | STATEC

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As a result of the health crisis, one out of four holidays did not take place last summer. Far-away destinations were replaced by stays close to home: 7 out of 10 stays took place in Luxembourg or in a neighboring country. The summer of 2020 was an opportunity to visit family and friends, to rest and to enjoy outdoor activities.
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As of January 1, 2021, 634,730 people live in Luxembourg. During the year 2020, the population of the Grand Duchy increased by 8,622 people. This increase, mainly due to net immigration, is slowed down by the COVID-19 health crisis.
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The Banque centrale du Luxembourg (BCL) and STATEC inform that according to the first provisional results, the current account ended with a surplus of 2.75 billion euros in 2020, i.e. a decrease of around 5% compared to 2019 (-150 million euros).
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In Luxembourg in February 2021, 70 companies have been declared bankrupt and 116 have been "liquidated" according to the latest count of the Ministry of Justice/STATEC.
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After the strong recovery in the labor market in Q3 2020, payroll employment increases by only +0.6% in Q4. Once again, specialized activities and support services show the strongest quarterly growth with +1.5% compared to Q3 2020.
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Honourable performance in 2020
24-03-2021 | STATEC

Activity in Luxembourg continued to expand in Q4 2020. In line with trends observed in previous quarters, and compared to other euro-area countries, the Grand-Ducal economy seems to be still holding up well in the face of the health crisis.
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The number of resident job seekers registered with ADEM is 19,476 as of February 28, 2021. Compared to January 2021, this is a decrease of 406 people. The seasonally adjusted unemployment rate calculated by STATEC is 6.3%.
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In 2019, Luxembourg ranks 19th in the EU with an R&D intensity of 1.19% (preliminary data). However, industry invests heavily in R&D, reaching 6.7% of value added and about 5% of industrial employment (3rd place in Europe). For innovation, over the period 2016 to 2018, Luxembourg is in the EU average since half of the companies (50.6%) are innovative.
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The GDP in volume increased by +1.4% during the fourth quarter of 2020 compared to the same quarter in 2019, and by +1.6% compared to the previous quarter.
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In response to SYVICOL's reservations about the organization of the next population census scheduled for June 1, 2021, STATEC wishes to highlight several elements.
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In February 2021, the national Consumer Price Index, calculated by STATEC, decreased by 0.7% compared to the previous month. Winter sales have influenced the monthly results. After adjusting for the price changes that are due to winter sales, prices of the goods and services excluding oil products have increased by 0.1%. The annual inflation rate is decreasing to -0.1% in February. This drop is explained by the delay in the period of the winter sales, which, for 2021, is reflected in the results for February and not for January. By neutralizing the February 2021 sales, the annual rate would have been 0.9%.
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In January 2021, 120 companies declared bankruptcy in Luxembourg according to the latest count of the Ministry of Justice/STATEC.
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Only 38% of employees are women and they are still concentrated in some sectors and almost absent in others. While women have made significant progress in management positions, they seem to be unable to access very high salaries. Below the age of 40, their average salary is higher than that of men. Along with Romania, Luxembourg has the lowest gender pay gap (GPG) in the European Union.
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First estimate of GDP in volume for the year 2020 as a whole: -1.3%.
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Projections moyen terme

On the basis of the first statistical estimate of quarterly national accounts, STATEC revises growth in Luxembourg upwards in 2020 to -1.3% (-3.5% to -4.5% in the Note de Conjoncture 2-2020 again). For 2021, STATEC expects real growth to rebound to 4%, confirming its December forecast. Due to the great uncertainty about the evolution of the pandemic, an optimistic scenario and a pessimistic scenario support the set of forecasts.
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Economic activity in the euro area dipped slightly towards the end of 2020. The restrictions relating to the health crisis again weighed on momentum at the start of the year and could lead to another recession, albeit one that is much less pronounced than in the first half of 2020.
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The number of resident jobseekers registered with the ADEM was 19,882 as of January 31, 2021, which is roughly the same level as in December 2020. Compared to January 2020, this represents an increase of 3,386 people or 20.5%. The seasonally adjusted unemployment rate calculated by STATEC is 6.4%, i.e. the same level as in December 2020.
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STATEC just released the newest version (January 2020) of Luxembourg business directory. It contains information on the economic activities of some 37,807 companies.
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Inflation in Luxembourg is expected to show a bumpy profile over the first two months of the year following the postponement of the winter sales, then to stabilise at a relatively high level - close to 2% - over the rest of the year. It would be supported by the recovery in oil prices while underlying inflation would remain contained. The latter would be stimulated by the economic recovery and the indexation of salaries in 2022, bringing overall inflation to 1.8% (after 1.7% in 2021).
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In January 2021, the national Consumer Price Index, calculated by STATEC, increased by 0.7% compared to the previous month. This movement is mainly explained by a monthly acceleration of prices for oil products. The annual inflation rate is increasing to 1.9% in January. This acceleration in the annual rate is explained by the shift in the sales period, which, for 2021, will only be included in the results for February 2021, and not in January, as was the case in 2020. By neutralizing the January 2020 sales, the annual rate is 0.4%.
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Recent research conducted by Richard Easterlin of the University of Southern California and Kelsey J. O’Connor of STATEC Research challenges traditional economic policy targets, confirming previous findings that income growth is not related to long-run changes in subjective well-being.
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This study assesses how financial companies in the euro area have been impacted and have reacted to the health crisis. An increase in the volume of non-performing loans could weigh heavily on banks in some European countries, while banks in Luxembourg are more solvent and less exposed to risky business sectors.
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In 2020, STATEC counted 4,649 deaths from all causes of death for people residing in Luxembourg. This number is the highest number ever recorded since the mid-twentieth century. We have to go back to 1976 to observe a number of deaths in the vicinity (4,507 deaths).
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An overview of the main economic and social indicators of the country to better understand and visualize the figures of the pandemic.
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STATEC forecasts a decline in consumption of 6 to 8% for 2020, but the forced savings accumulated during the lockdown constitute a significant potential for rebound, which should benefit, in particular, purchases of durable goods.
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The isolated effect of a higher diploma on the salary level is on average 24%, a supervisory position "pays" 30%, a permanent contract 23%. Salaries increase by an average of 50% with age alone - if the entire career is with the same employer, they even increase by 80%.
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Recovery on hold
26-01-2021 | STATEC

The net increase in coronavirus infections in several European countries has been accompanied by new restrictions that will weigh on activity in early 2021. In the euro area and Luxembourg alike, a significant recovery before the summer thus seems unlikely.
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