In the context of a sanitary, social and economic crisis, statistics are crucial. They are essential to monitor and anticipate the evolution of the number of infections and hospital beds. They are also vital in order to estimate the impact of this pandemic on the living conditions of our citizens and on the country’s economic activity. By responding to surveys, you help the government take the necessary action to respond to the crisis. We need timely, accurate and reliable data to prepare future forecasts in this unprecedented context. We therefore call on all individuals, households and businesses to continue responding to STATEC’s surveys. We need you more than ever!
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The number of available resident job-seekers registered with the ADEM stands at 18,398 on 31 March 2020. The seasonally adjusted unemployment rate calculated by STATEC is 6.1%.
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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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According to the first provisional results, the current account ended in a surplus of 2.8 billion euros in 2019, a very slight decrease compared to 2018 (-0.3%). The deficit (negative balance) on transactions in goods rose to 1.1 billion euros in 2019 and thus decreased by 670 million. This change is explained by the fact that the surplus generated by merchanting (purchase and resale of goods abroad without physical national border crossing) increased faster (+811 million) than the deficit of goods (-142 million).
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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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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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