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Balance of payments of Luxembourg during the year 2017
04-04-2018 | STATEC | BCL

The Central Bank of Luxembourg (BCL) and STATEC inform that the current account showed a surplus of 2.8 billion euros in 2017, an increase of about 2% compared to 2016. The negative balance (deficit) of transactions in goods increased to 4.2 billion euros in 2017 (+6.6%). This change is partly explained by the increase of imports of energy products and capital goods (launch of 2 satellites in March and May 2017, no launch in 2016).

The balance of international trade in services amounted to 23.2 billion euros and increased by nearly 5% compared to 2016. Both net exports of financial services (+5.8%) and non-financial services (+4.6%) were up in 2017. The good performance of trade in financial services (more than 7% growth for exports and imports) is mainly due to that of the investment fund industry, whose average net assets under management have increased by almost 13% in 2017. The improvement in the services trade balance has thus offset the increase of primary income deficit (which is composed of employee compensation and investment income).