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Unemployment October 2020Inflation rate October 2020Population 1.1.2020GDP growth 2019Public debt 2019

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Evaluation of the CO2 tax impact
23-11-2020 | STATEC

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On January 1st, 2021 a CO₂ tax will be introduced in Luxembourg. STATEC has quantified the impact of this tax, the amounts of which will gradually increase in 2022 and 2023. The impact on tax revenues would be negative in the medium term and the impact on households with a low living standard would be neutral. Business spending would be affected in a differentiated manner depending on the branch of activity, but economic activity as a whole would be little affected.
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The health and economic consequences of the COVID-19 pandemic are striking. Lockdown resulted in a decrease in income for one in six residents and had a negative effect on the physical health of one in six people. This crisis also has psychological repercussions on the population. All these findings are analyzed in the report PIBien-être 2020, which also notes that the correlation between well-being and GDP is weak.
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Inflation is expected to accelerate sharply over the coming months following the introduction of a CO2 tax in January and the dissipation of the downward effect of free public transport (introduced in March 2020). The rise in the price of crude oil would contribute, alongside the CO2 tax, to the rise in the price of oil products in 2021. Generally speaking, however, the deteriorated economic context should curb underlying inflation.
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In October 2020, the national Consumer Price Index, calculated by STATEC, was not very dynamic (-0.03%) compared to the previous month.
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During the month of October, the Luxembourg courts declared 132 bankruptcies (October 2019: 125 bankruptcies). During the first ten months of 2020, 988 legal units go bankrupt. This figure is in the same order of magnitude as in 2019 (1,017 bankruptcies) and in 2018 (936 bankruptcies).
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Travel by residents in 2020
05-11-2020 | STATEC

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STATEC's quarterly travel survey quantifies the impact of the health crisis on tourism practices, family and friendly visits and business trips. It shows a spectacular drop of almost 90% in business and leisure travel in the 2nd quarter of 2020.
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In Luxembourg, employment returned to its pre-crisis level in September, but some labor market indicators have yet to catch up. Employment in the Grand Duchy has been largely affected by the crisis, but much less than in all other European countries.
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The number of available resident job seekers registered with ADEM stood at 17 875 as of September 30th, 2020. Compared to August 2020, this represents a decrease of 650 people (-3.5%). The unemployment rate, adjusted for seasonal variations, stands at 6.3%, compared to 7.0% in April 2020.
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The change in employment patterns
15-10-2020 | STATEC

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On the occasion of the International Day for the Eradication of Poverty on 17 October, STATEC is examining the social cohesion of the country.
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