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PDF Conjoncture Flash December 2014
The end-of-year economic climate features contrasting indicators and signals. The downturn in confidence indicators in the euro zone seems to be over, the drop in oil prices should reduce energy bills for households and companies, and employment continues to recover. However, the European environment remains marked by deep-seated weaknesses, particularly as regards investment and economic governance. Europe is also set to take a stricter line with Luxembourg on the issue of tax harmonisation.
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International 1/2: World trade in goods recovers
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International 2/2: Upswing
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Manufacturing: Sluggish investment
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Construction: Hiring forecasts materialise
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Labour market: Temporary employment recovers in the 3rd quarter
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Consumer prices: Inflation pushed even further down by oil
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Consumption: No rush to buy cars
PDF Conjoncture Flash November 2014
Since spring, international organisations have downgraded their growth forecasts for the euro zone to 0.8% for 2014 and 1% for 2015. With growth acquisition at about 3% by the end of second quarter, STATEC's forecast of a GDP in volume increase of 2.9% in 2014 for Luxembourg may seem too low. However, a number of factors give grounds for caution...
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Manufacturing: Prolonged stagnation
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Construction: A more favourable third quarter
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Consumption: From thinking to buying is just one step
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Financial sector: Funds continue to perform well
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Labour market: Fewer bankruptcies in 2014
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Inflation: Widespread disinflation
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International: Euro zone: minimal growth
PDF Conjoncture Flash October 2014
GDP growth was relatively satisfactory in the 2nd quarter of 2014. Although the quarterly national accounts have been significantly revised, the new results do not substantially affect the economic momentum observed, specifically the recovery was has been underway since mid-2012. However, while activity held up favourably in the first half of 2014, the economic climate has been worsening since the summer.
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Manufacturing: Prices recover somewhat
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Construction: Permits remain at similar levels
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Financial sector: Autumn starts with stock markets taking a dive
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Labour market 1/2: Employment up except in temporary employment
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Labour market 2/2: Unemployment growth tails off
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Price: Inflation expected to fall (except in Luxembourg)
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International: A better profile for Luxembourg
PDF Conjoncture Flash Septembre 2014
The unemployment rate fell in August but continues to trend upwards. Slower growth in unemployment over recent months and the healthier rate of job creations in 2014 are encouraging signals for the labour market, but a number of signals indicate that this relative improvement might not last.
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International: The ECB propelled into action
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Manufacturing: Output stabilises
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Consumption: Retail improving
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Non-financial services: Running out of steam?
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Labour market: A rather negative signal in temporary employment
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Inflation: Oil continues to dampen inflation
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Public finances: Tax receipts: up 6% over one year in late August
PDF Conjoncture Flash August 2014
The 2nd quarter of 2014 was marked by lower than expected GDP growth in the eurozone. This stagnated, due notably to the counter-performance of its three leading economies. Over 2014 as a whole, growth is not expected to exceed 1%, below the trajectory anticipated last spring.
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Manufacturing:Trend remains favourable in the 2nd quarter
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Construction: A purely technical pull back?
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Financial sector (1/2): Positive signals for the 2nd quarter
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Financial sector (2/2): More flexibility in business lending
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Labour market: Unemployment continues to rise
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Inflation: A less significant "sales" effect in 2014
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Consumption: Registrations start to recover
PDF Conjoncture Flash July 2014
The 1st quarter of the year again saw good GDP growth, which means this year's 3% target is likely to be reached. The cyclical improvement, however, remains limited by high unemployment, which is weighing on consumption, and by the counter-performance of the financial sector compared to other branches of activity.
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International: Negative signals in Germany
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Investment: Investment rallies somewhat
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Financial sector: A stormy summer on the markets
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Labour market: Cross-border employment trending more favourably
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Inflation: Food prices falling
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Wages: Slight rise in wage costs in the 1st quarter
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Public finances: Tax receipts down slightly
PDF Conjoncture Flash June 2014
Recent economic indicators for the euro zone give signs of improvement overall. Activity should become steadier in the 2nd quarter and unemployment should continue to fall, linked in particular to the recovery recorded in the southern countries. Risks are still present, however, particularly with regard to public debt and the slight increase in prices.
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Manufacturing: Output intensifies
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Construction: Towards less dynamic growth
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Consumption: Registrations picked up in May
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Financial sector: From credit to confidence
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Labour market (1/2): Employment is increasing but not accelerating
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Labour market (2/2): Sharp increase in vacant positions in the 1st quarter
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Consumer prices: Inflation still very low in May
PDF Conjoncture Flash May 2014
Over recent months, the financial sector has seen relatively high wage growth, in contrast with the disappointing data on the added value of activities in this sector. STATEC has attempted to estimate the impact of exceptional redundancy payments on wage costs in the sector and in the economy overall. The impact, determined by cross-tabulating individual data on personnel costs and redundancy plans in the banking sector, appears significant but not sufficient to explain on its own the rising wages in the sector. However, the extent of the increase is probably underestimated by the method used.
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Manufacturing: Manufacturing prices continue to fall
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Construction: Construction prices likely to rise
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Financial sector: Bank balance sheets slimming down
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Labour market (1/2): More job creation
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Labour market (2/2): Temporary employment on the up
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Inflation: Disinflationary trends confirmed
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International: Eurozone - moderate growth in the 1st quarter
PDF Conjoncture Flash April 2014
With GDP rising 0.7% in the last quarter of 2013, economic growth for the year as a whole was a little over 2%. Non-financial services, manufacturing and construction largely sustained activity in late 2013, but financial services unfortunately did exhibit the same momentum. 2014 will benefit from relatively high growth acquisition, which will see GDP grow more than in 2013.
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Manufacturing: A late but pronounced recovery
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Construction: The sector gets back on track
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Consumption: Registrations - A disappointing 1st quarter
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Financial sector: Contrasting trends in lending, which is generally sluggish
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Labour market: Unemployment growth slows
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Price: Gap with neighbouring countries narrowing
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Public finances: Public receipts relatively well-placed in early 2014
PDF Conjoncture Flash March 2014
The indicators for consumption showed relatively contrasting results in late 2013 and early 2014. While the economic environment has improved somewhat, consumption remains lacklustre.
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Manufacturing: Positive signal from investments
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Manufacturing and Construction: A very good end to 2013
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Financial sector (1/2): Rising number of banks
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Financial sector (2/2): Favourable winds for funds
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Labour market: Unemployment stabilising – apparently
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Price: Inflation nose-dives
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International: Trade in goods slows slightly
PDF Conjoncture Flash February 2014
Economic growth in the euro zone picked up to a certain extent in late 2013 with less unequal distribution among member states. Luxembourg's neighbours were among the most dynamic, an encouraging signal for external demand for Luxembourg exports. While this recovery in the euro zone has been confirmed, it remains very moderate and is unlikely to pick up any further in the coming quarters.
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Manufacturing: Prices continue to drop
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Construction: Progressive consolidation
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Non-financial services: Growing optimism
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Financial sector: Insurance premiums fall slightly in 2013
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Labour market: Job creations remain insufficient
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Inflation: Less inflation on the horizon
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Property: Under-supply of apartments
PDF Conjoncture Flash January 2014
In the 3rd quarter of 2013, GDP growth was less than in the previous quarter but overall confirms the recovery that started in late 2012. These figures, together with the favourable trend of other indicators in late 2013, point to growth of at least 2.0% over the past year.
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Manufacturing: Europe-wide recovery
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Construction: A better end to the year ended than the start
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Consumption: 2013 - a mediocre year for registrations
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Financial sector: Banking income: a significant "value" effect
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Labour market: Unemployment slowing but not halted
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Prices (1/2): Inflation slows in 2013
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Prices (2/2): Uneven performance in commodities
PDF Conjoncture Flash December 2013
GDP growth in the euro zone for the third quarter of 2013 was confirmed at 0.1%. In order to achieve the forecast drawn up by the European Commission in November – predicting a decline of 0.4% in euro-zone GDP over 2013 as a whole – all Member states are set to turn in a performance of at least 0.2% over the last quarter of the current year.
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Manufacturing : Widespread but general recovery
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Construction : Growing optimism
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Transport : Air transport results take off
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Financial sector : UCIs recover after a difficult summer
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Inflation : Services contribute greatly to inflation
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Labour market : Partial unemployment rises slightly at the end of the year
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Hotel and catering sector : The sector beefs up again
PDF Conjoncture Flash November 2013
The main scenario adopted by STATEC forecasts slack growth in the euro zone in 2014, leading to a 1.2% rise in GDP in volume, assuming that the financial crisis will continue to subside with no major upsets.
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International : Eurozone: a return of timid growth
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Manufacturing and construction : Output is up but remains low
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Construction : Fewer homes but more building
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Consumption: Recent rally in registrations
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Inflation : Oil prices have driven inflation below 2%
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Labour market : A positive signal for temporary employment
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Financial sector : Insurance: income lower since the 2nd quarter
PDF Conjoncture Flash October 2013
GDP grew quite strongly in the 2nd quarter of 2013, a trend partly linked to the exceptionally weak activity in the 1st quarter. A moderate recovery seems to be setting in, after a rather gloomy 2012. This upswing in activity is currently apparent in foreign trade, while domestic demand – private consumption and investments – is still showing signs of weakness.
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Manufacturing and construction : Disappointing results in July
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Financial sector : Banks - stagnating revenues
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Non-financial services : Overall improvement in confidence
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Labour market : Unemployment growth eases
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Inflation : Less pressure on prices
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Wages : Acceleration likely to be temporary
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Foreign trade : Global trade sluggish
PDF Conjoncture Flash September 2013
The business cycle indicators for the 1st half of the year point to a highly unfavourable trend in household consumption in Luxembourg. A number of recent developments, however, hold out the hope of a more favourable trend in the long term.
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Manufacturing : Few tensions on prices
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Construction : Construction prices: moderate rise
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Real estate : Apartments: higher price rises
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Financial sector : UCIs: panic in June
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Labour market (1): Unemployment falls in August
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Labour market (2): Fewer applications for partial unemployment
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Inflation : Fruit and vegetables peak in July
PDF Conjoncture Flash August 2013
GDP in the eurozone recovered in the 2nd quarter of 2013, after an eighteen-month recession. Although this was a nice surprise, the overall economic climate remains difficult.
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Manufacturing : Output disappointing in the 2nd quarter
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Construction : A very tentative recovery
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Consumption : Registrations continue to fall
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Financial sector : Contrasting trends in deposits
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Labour market : Fewer vacancies notified to ADEM
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Inflation : A significant "sales" effect in 2013
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Public finances : Tax receipts: up 5.5% over the first 7 months
PDF Conjoncture Flash July 2013
Since the publication of the last Note de conjoncture (NDC 1-13) in May 2013, the economic situation has changed, as has the outlook for the rest of 2013 and 2014. A number of elements are likely to affect the forecast, the detailed results of which will be included in the next Note (NDC 2-13) to be published in November 2013.
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Manufacturing : Improvement remains to be confirmed
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Construction : Increases in workforce numbers in the offing?
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Non-financial services : Services sector more optimistic
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Financial sector : Banking income recovers in the 2nd quarter
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Wages : Continued modest wage growth
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Labour market : Sharp hike in unemployment in the 1st half
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Inflation : No noticeable slowdown in Luxembourg
PDF Conjoncture Flash June 2013
Industrial output in the eurozone has been recovering since early 2013, mainly due to Germany and the automobile industry, while the bad weather temporarily favoured energy output. Luxembourg's performance was rather disappointing until April but manufacturers' opinions rose sharply in May, a trend that remains to be confirmed.
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International : Eurozone: contraction of activity levels off
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Construction : After the cold, the rain
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Real Estate : Apartment prices moderate somewhat
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Financial sector (1) : Stormy waters on the stock markets
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Financial sector (2) : UCIs: positive underlying trend
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Labour market : Employment stalls
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Inflation : Alcohol and tobacco: relatively modest price rises
PDF Conjoncture Flash May 2013
After recording almost zero growth in 2012 (up 0.3%), the Luxembourg economy is expected to see a modest and very gradual recovery, with GDP growth set to rise to 1.0% in 2013 and 2.3% in 2014.
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International : Eurozone: lingering recession
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Construction : Residential sector props up construction
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Tourism : Overnight stays up substantially
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Labour market (1) : Huge momentum in female employment
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Labour market (2) : The number of vacancies remains high
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Inflation : Food more expensive
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Public finances : Public receipts grow strongly in early 2013: a temporary phenomenon
PDF Conjoncture Flash April 2013
The Luxembourg economy saw very weak growth in 2012, ending however with a relatively high increase in GDP in the 4th quarter. This end-of-year recovery was largely due to performance in non-financial services. The financial sector remains sluggish, with no return to high growth in the short term expected.
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Construction : Bad times for construction
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Consumption : Fall in new car registrations (expected)
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Non-financial services : Confidence seems to be gradually returning
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Labour market : Fall in subsidised jobs pushes unemployment up
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Wages : Redundancies weigh on wage costs
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Inflation : Price falls in raw materials
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International- Eurozone : Limited tensions on government bonds
PDF Conjoncture Flash March 2013
The last few weeks have been marked by renewed cause for concern as regards the economic outlook in the eurozone. Alongside the threats weighing on southern European countries (Italy and Cyprus) which affected market investors, the economic surveys at the end of the 1st quarter show a slump in business confidence.
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Manufacturing : Persistent downturn
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Financial sector 1/2 : Contrasting upswing in confidence
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Financial sector 2/2 : UCIs: Luxembourg consolidates its top ranking
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Employment : Employment continues to fall in the eurozone
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Inflation : Slowdown less severe in Luxembourg
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Real Estate : Strong demand for apartments
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Bankruptcies : Job losses linked to bankruptcy remained significant in 2012
PDF Conjoncture Flash February 2013
2012 ended badly for the eurozone, with GDP falling sharply in the 4th quarter. The forecasts for 2013 indicate virtual stagnation, even though there have been some recent positive signs pointing to more favourable developments.
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Manufacturing : Output falls 6% in 2012
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Construction 1/2 : Gloomy economic situation in 2012
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Construction 2/2 : Licensed to build
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Financial sector : Insurance receives a boost
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Labour market : Temporary employment continues to fall
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Consumption : Consumers worried about their future
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International trade : Global trade rallies in November 2012
PDF Conjoncture Flash January 2013
Economic activity in Luxembourg fell in most sectors during the 3rd quarter and continues to suffer from the sluggishness in domestic demand. The international climate is also expected to remain unfavourable in the 4th quarter.
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Manufacturing : No rally expected in the 4th quarter
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Financial sector : Sustained growth in UCIs
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Non-financial services : Businesses a little more confident
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Labour market : Unemployment rises considerably in late 2012
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Wages : Real wage costs continue to fall
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Inflation : Prices rose 2.7% in 2012
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Consumption : Registrations rally temporarily
PDF Conjoncture Flash December 2012
Opinion surveys conducted among businesses in the eurozone have been trending more favourably of late, catching up with the renewed confidence seen in the stock markets since the summer of 2012. For households, however, which continue to suffer from the difficult labour market, the outlook has yet to improve.
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Manufacturing 1/2 : Output falls slightly in the 3rd quarter
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Manufacturing 2/2 : Investment set to fall sharply in 2013
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Construction : Confidence grows
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Financial sector : Slight improvement
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Employment : Employment falls again in the eurozone
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Inflation : The inflation differential widens again
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Wholesale and retail trade : A positive signal for retail sales
PDF Conjoncture Flash November 2012
While the results expected for Luxembourg in 2012 have been revised slightly upwards in STATEC's latest forecasts, these also include a significant downward revision for 2013. The general profile drawn up by these forecasts is that of continuing low growth – well below average past performance – rising just 0.5% in 2012 and 1.0% in 2013.
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International1/2: Recession confirmed in the eurozone
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International 2/2: More moderate growth in emerging countries
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Manufacturing: Recent price falls
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Construction: Fewer authorisations in the non-residential sector
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Financial sector: A good 3rd quarter for UCIs
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Employment: Working hours fall
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Unemployment: Unemployment picks up again in the Greater Region
PDF Conjoncture Flash October 2012
Recently published growth figures give a rosier picture of the economic climate in early 2012, particularly in the financial sector. However, they also reveal worrying trends in other sectors and come with a negative outlook for the 3rd quarter. Growth forecasts for next year are also in doubt, with more pessimistic projections for the eurozone as a whole.
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Manufacturing: Bearish trend continues
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Construction: Negative signal in the 3rd quarter
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Consumption: New car registrations stall
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Financial sector: Confirmed growth in insurance
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Employment: Employment recovers slightly in the 1st half of 2012
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Wages: Low wage growth in the 2nd quarter of 2012
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International: Less pressure on southern Europe
PDF Conjoncture Flash September 2012
The economic outlook as revealed by economic surveys carried out over the summer is marked by gloominess and point to a recessionary climate. While the financial markets seemed to have responded relatively well to the decisions made at European level, these effects have not yet filtered down to the real economy.
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Real Estate : Apartment sales hold up well
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Consumption : Negative signals
Employment : Employment in the eurozone no longer falling
Unemployment : Unemployment recedes very slightly in August
Price : Black gold and yellow gold weigh on inflation
Financial sector : Stock markets bounce back
PDF Conjoncture Flash August 2012
After stabilising in the 1st quarter of 2012, eurozone GDP again contracted in the 2nd quarter (down 0.2% on the previous quarter). Although the eurozone is not strictly speaking in a technical recession – which would require two consecutive quarters of falling GDP – it is well on the way. The cyclical indicators available at the start of the 3rd quarter hold out little hope of escaping a further drop in GDP in the next quarter.
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Eurozone : Leading indicators at lowest point
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Manufacturing : No improvement in sight
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Construction : Persistent decline
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Financial sector : UCIs: A stagnant 2nd quarter
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Labour market : Employment in finance remains dynamic
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Price : Diverging trends in raw materials
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International trade : Trade in goods falls in the eurozone
PDF Conjoncture Flash July 2012
The results for the 1st quarter of the current year and the outlook for the 2nd quarter indicate that economic activity is weakening in Luxembourg and throughout the eurozone. Consequently, growth forecasts for 2012 and 2013 have been revised downwards.
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Manufacturing : Downbeat forecast
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Construction : Downturn confirmed
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Wholesale and retail trade : Contrasting trends in retail
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Non-financial services : Minimum service
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Labour market : Slight rise in assisted jobs
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Inflation- wages : Real wages fall
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Public finances : Tax receipts down
PDF Conjoncture Flash June 2012
Following the economic slowdown since 2011, the labor market is again entered a difficult phase. After a major deterioration at the intersection of 2008 and 2009, halted on employment and dramatic rise in unemployment, he could regain some momentum in 2010. This improvement has not had time to settle permanently, thwarted by the new cyclical turnaround.
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Manufacturing : Confidence: after a fall … freefall
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Real Estate : Prices remain high in the 1st quarter
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Financial sector : A good start to the year for insurers
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Business services : Strong growth in early 2012
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Bankruptcies : Considerable job losses due to bankruptcy in 2011
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Inflation : Correction in oil and fuel prices
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Forecasts : Weak growth in 2012 and 2013
PDF Conjoncture Flash May 2012
Following the economic slowdown since 2011, the labor market is again entered a difficult phase. After a major deterioration at the intersection of 2008 and 2009, halted on employment and dramatic rise in unemployment, he could regain some momentum in 2010. This improvement has not had time to settle permanently, thwarted by the new cyclical turnaround.
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International : Eurozone: between stagnation and recession
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Manufacturing : Investment expected to rise in 2012
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Consumption : Retail sales holds up well
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Non financial services : Contradictory signals
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Financial sector : A boost for funds in the 1st quarter
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Wages : Restrained rise in wages
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Public finances : Public debt still a source of concern
PDF Conjoncture Flash April 2012
GDP grew slightly in Q4 2011, up 0.2% on Q3 (up 0.8% over one year). This, combined with the results for the first 3 quarters of 2011 (which were revised slightly upwards), ultimately resulted in GDP growth of 1.6% for 2011 as a whole, after rising 2.7% in 2010 (and falling 5.3% in 2009).
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Manufacturing : No clear direction on prices
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Construction : Slowdown
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Financial sector (1) : Fewer loans to non-financial companies
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Financial sector (2) : Confidence rises (temporarily?)
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Labour market : Cross-border workers hold half of all jobs
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Inflation : Food prices relatively calm
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International : PMI falls sharply in April
PDF Conjoncture Flash March 2012
Recent months have been marked by a progressive improvement in the European financial environment. While this longed-for ray of sunshine holds out the long-term prospect of a more favourable environment for European growth, economic activity in early 2012 has remained hampered by relatively gloomy indicators.
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Manufacturing : Output down
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Construction : 2011 a relatively satisfactory year
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Real estate : No crisis for apartment prices
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Labour market (1) : Employment slows slightly in 2011
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Labour market (2) : Unemployment rises in early 2012
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Inflation : Administered prices contribute little to the NCPI
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Consumption : Favourable trend in car sales
PDF Conjoncture Flash February 2012
The eurozone ended the year with a slump in GDP in the 4th quarter which few countries escaped. Luxembourg is likely to go down the same road as most of the economic indicators in late 2011 were disappointing.
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Consumption: Consumers (a little) more confident
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Credit: Slight tightening of lending conditions
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Financial sector: UCIs: a turbulent 2nd half
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Labour market (1) : Less reliance on overtime
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Labour market (2) : Unemployment continues to rise, as does employment
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Inflation: Pump prices at their highest
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Transport: More passengers, less freight
PDF Conjoncture Flash January 2012
Luxembourg GDP in volume posted quarterly growth of 0.6% in the 3rd quarter (up 1.1% over one year). While this result Luxembourg's performance should not be overestimated: the recovery in the 3rd quarter should be seen more as a correction, after a very bad 2nd quarter (down 0.9% compared to growth of 0.2% in the eurozone), than as a promise of high growth rates for the coming quarters.
Eurozone : Leading indicators recover
Manufacturing : Bleak outlook
Construction : Projects despite the crisis
Financial sector : Disappointing results for banking employment
Labour market : Overall decline in the labour market
Inflation and wages : The main price trends in 2011
Foreign trade : Global trade falls at the start of 2012
PDF Flash 2011-12
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Construction: morale good but not results
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Financial sector (1): respite for UCIs in October
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Financial sector (2): employment grows slightly
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Labour market (1): employment falls throughout the eurozone
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Labour market (2): partial employment on the up again
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Inflation and wages: wage indexation postponed
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Property: asking prices for apartments fall
PDF-Flash-2011-11-EN
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Manufacturing: prices stabilise
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Construction: tensions over housing prices
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Financial sector: fees rise unexpectedly in the 3 quarter
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Non financial services: prospects down significantly
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Labour market: number of bankruptcies remains high in early 2011
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Inflation and wages: prices in services adapted to indexation
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Consumption: householders worried
PDF-Flash-2011-10-EN
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Manufacturing: output bounces back in July
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Construction: positive signal from planning authorisations
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Financial sector: interbank lending continues to recover
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Labour market (1): employment remains dynamic in the second quarter of 2011
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Labour market (2): sharp rise in new registrations with ADEM
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Inflation - Wages: slowdown in average wage costs
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Transport: contrasting indicators in air transport
PDF-Flash-2011-09-EN
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Manufacturing: Moderation of business outlook
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Construction: Prospects remain favourable
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Financial sector: Meltdown of funds in August
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Labour market (1): High increase in unemployment
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Labour market (2): A very good beginning to the year, but then ...
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Inflation - Wages: Respite on the price of raw materials
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Consumption: Car registrations up over the summer
PDF-Flash-2011-08-EN
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Manufacturing: stagnant production
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Construction: favourable global economy
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Financial sector: banking employment continues downward
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Consumption: (temporary) rise in consumer morale
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Labour market: negative signals
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Inflation: brake on inflation
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Foreign trade: stagnation in global exchange of goods
PDF-Flash-2011-07-EN
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Manufacturing: Price rises likely to slow
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Construction: Construction prices: the recovery is confirmed
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Financial sector: Banking income disappointing in the 2nd quarter
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Public finances: Is growth in receipts set to tail off?
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Labour market: Is the unemployment trend set to reverse?
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Inflation: Inflation forecasts: 3.3% in 2011 and 2.1% in 2012
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International environment: Stock market indices fall
PDF-Flash-2011-06-EN
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Manufacturing: Moderate increase in output
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Construction: A satisfactory start to the year
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Financial sector: Banks: less weight internationally
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Transport: Transport loses speed
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Labour market: Employment trends for cross-border and resident workers
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Inflation: Inflation becomes widespread
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Foreign trade: Impressive recovery in exports of goods
PDF-Flash-2011-05-EN
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Manufacturing: economic situation remains buoyant in manufacturing
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Property: record number of transactions in the 4th quarter
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Financial sector: UCIs: Luxembourg leads the pack
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Consumption: disappointing start to the year for car sales
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Labour market: unemployment falls in early 2011
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Inflation: increasing tension on food prices
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Foreign trade: trade sluggish in the 2nd quarter
PDF-Flash-2011-04-EN
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Manufacturing: favourable prospects for the 1st quarter
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Construction: snow in December, renewed activity in January
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Financial sector: Interbank lending stagnates
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Consumption: consumer morale peaks
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Labour market: employment recovers in all branches
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Inflation: factors affecting inflation since 2010
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Public finances: a successful quarter
PDF-Flash-2011-03-EN
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Manufacturing: Price rises in industrial products
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Construction: More planning permission, but for smaller buildings
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Financial sector: UCIs - adverse effects of the dollar in January
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Labour market: Employment on the rise in Europe
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Labour market: More bankruptcies in the financial sector in 2010
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Inflation: Increased volatility in energy prices
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Transport: Mixed performance by national airlines in 2010
PDF Conjoncture Flash february 2011
Manufacturing: A disappointing end to the year
Construction : Construction prices grow slightly
Financial sector : Equity growth?
Retail trade : Retail sluggish in the 4th quarter
Labour market : Temporary work recovers significantly in 2010
Wages : Rebound of wage bill
International : European recovery remains modest
PDF Conjoncture Flash January 2011
Manufacturing: Is this slowdown in pace purely temporary?
Construction : A solid recovery
Financial sector : Banking income before provisions down sharply
Labour market (1) : Employment: favourable trend in services
Labour market (2) : Moderate increase in unemployment in 2010
Inflation : Inflationary and deflationary forces
Public finances : Tax receipts improve in 2010
PDF Conjoncture Flash Septembre 2010
Manufacturing: Productivity starts to recover
Property: Apartment prices under pressure
Financial sector: Lacklustre margins
Construction: Luxembourg holds its own
Labour market: Both job applications and job vacancies rise
Inflation - wages: Inflation forecasts: 1.9% in 2011 for NCPI
Transport: More goods, fewer people
PDF Conjoncture Flash August 2010
Manufacturing: production growth is likely to slow
Construction: positive trend
Financial sector: UCIs remain on course
Consumption: consumers confident about the recovery
Labour market: unemployment in Europe reaches its upper limit
Inflation - wages: rise in the underlying inflation rate
Hotel and catering sector: Tourism: 2009 was an unremarkable year
PDF Conjoncture Flash July 2010
Manufacturing: rise in prices linked to iron and steel
Construction: planning permission: a satisfactory first quarter
Financial sector: limited employment perspectives
Consumption: positive signs for car registrations
Labour market: low and disparate growth in employment
Inflation - wages: food prices relatively steady
Foreign trade: trade on the right track
PDF Conjoncture Flash June 2010
Manufacturing: a significant rally – after a sharp fall
Construction: measured optimism
Financial sector: a symbolic rise
Transport: overcast skies in April
Labour market: cross-border employment expected to rise
Inflation - wages: public charges recover
International: worries over European indebtedness
PDF Conjoncture Flash May 2010
Manufacturing: manufacturing starts to recover
Hotel and catering businesses: a difficult year
Financial sector: UCIs stage a comeback
Consumption: a good start to the year in car sales
Labour market: a seasonal fall
Foreign trade (1/2): exports of financial services hold up well
Foreign trade (2/2): e-commerce companies stood up well in 2009
PDF Conjoncture Flash April 2010
Manufacturing: european manufacturers regain confidence
Construction: residential projects fall again in 2009
Financial sector: lower earnings on loans
Inflation: inflation rises 2.3% in March
Labour market (1/2): Labour market comes out of the red...
Labour market (2/2): … but remains sluggish
Foreign trade: exports of goods recover
PDF Conjoncture Flash March 2010
Manufacturing: confirmed turnaround
Construction: back to work
Financial sector: UCIs: a relatively satisfactory result in January
Tourism: a very bad year in 2009
Labour market: unemployment levels off
Inflation - wages: Inflation at 1.5% in February
Transport: recovery after free-fall
PDF Conjoncture Flash February 2010
Manufacturing 1: manufacturing prices fall sharply in 2009
Manufacturing 2: steel production recovers
Construction: construction prices stagnate
Financial sector: banking employment falls slightly in the 4th quarter
Labour market: downturn less than predicted
Inflation - wages: underlying inflation at its lowest level in 10 years
Consumption: sharp slump in confidence must be put in context
PDF Conjoncture Flash January 2010
Manufacturing: the trend remains upward
Construction: a relatively optimistic Luxembourg
Consumption : new car registrations fall in 2009
Financial sector: Contrasted performance compared to the end of 2008
Labour market: unemployment rises again
Inflation - wages: underlying inflation continues to slow
Foreign trade: global trade recovers but the euro zone lags behind
PDF Conjoncture Flash December 2009
Construction: fewer planning authorisations
Housing: apartment prices remain stable
Financial sector: favourable trend for UCIs
Transport: air transport remains in difficulty
Labour market: mixed results for job schemes
Inflation - wages: wages stagnate in early 2009
Consumption: consumers worried about unemployment
PDF Conjoncture Flash November 2009
Manufacturing: no further improvement in November
Construction: recent brightening in prospects
Financial sector: banking employment continues to fall
Tourism: fewer arrivals overnight stays
Labour market: impact of partial unemployment
Inflation - wages: inflation rises in late 2009
International: end to recession in the eurozone
PDF Conjoncture Flash October 2009
Manufacturing: disappointing output levels in July
Construction: a nice surprise
Financial sector: banks benefit from market recovery
Consumption: fewer retail sales
Labour market: employment slows drastically in early 2009
Inflation - wages: little increase in wages in early 2009
International: early recovery in emerging countries
PDF Conjoncture Flash September 2009
Manufacturing: continuing downward pressure on prices
Construction 1/2: fewer planning permits, fewer transactions
Construction 2/2: Luxembourg holds its own
Financial sector: UCIs up in July
Labour market: employment in Europe continues to fall
Inflation - wages: sharp slowdown in food prices
Foreign trade: trade in goods recovers
PDF Conjoncture Flash August 2009
Manufacturing: encouraging prospects for the 3rd quarter
Construction: no improvement in sight
Consumption: falling car sales in Europe
Financial sector: banking employment trends remain down
Labour market: drastic fall in temporary employment
Inflation - wages: underlying inflation slows
Euro zone: GDP contracts slightly during the 2nd quarter
PDF Conjoncture Flash July 2009
Manufacturing: improvement in sight
Construction: contrasting situation in planning permission
Construction: downward pressure on construction costs
Financial sector: the upward trend in the markets continues
Labour market: employment stagnant in early 2009
Inflation - wages: wages fall at the start of the year
Foreign trade: recovery in sight for global trade
PDF Conjoncture Flash June 2009
Manufacturing: has the low point been reached?
Construction: falling activity but less than elsewhere in Europe
Financial sector: a more serene environment
Consumption: confidence grows
Labour market: european unemployment up
Inflation - wages: negative inflation for mid 2009
Transport: air traffic down
PDF Conjoncture Flash May 2009
Manufacturing: output at its lowest during the 1st quarter
Construction: Luxembourg holds its own
Financial sector: banking employment slows even further
Consumption: new car registrations stall
Labour market: slowdown in employment
Inflation - wages: purchasing power rises in 2009
Foreign trade: global trade stabilises at low levels
PDF Conjoncture Flash April 2009
Manufacturing: turbulent times
Construction: mixed opinions on the 1st quarter
Financial sector: markets up since March
Labour market (1): temporary employment falls in late 2008
Labour market (2): unemployment continues to accelerate
Inflation - wages: wages fall in the financial sector
Consumption: consumers demoralised
PDF Conjoncture Flash March 2009
Manufacturing: a dispirited end to 2008
Construction: fewer housing units granted planning permission in 2008
Financial sector: respite for UCIs in January
Services: a less buoyant climate for services
Labour market: sharp slowdown in paid employment in late 2008
Inflation - wages: a technical rise in underlying inflation
Foreign trade: trade deficit rises substantially
PDF Conjoncture Flash February 2009
Manufacturing: industrial prices drop
Construction: output down, moderate price growth
Financial sector: banking employment falls slightly
Consumption: trade in difficulty
Labour market: unemployment growth accelerates
Inflation - wages: wage adjustment due on 1 March 2009
Foreign trade: current account surplus drops
PDF Conjoncture Flash January 2009
Manufacturing: general drop in demand
Construction: a chill in the sector
Financial sector: banks under pressure but holding firm
Consumption: confidence falls further in December
Labour market: unemployment rises sharply in December
Inflation - wages: oil prices responsible for one third of inflation in 2008
Foreign trade: trade in goods slows down
PDF Conjoncture Flash December 2008
Manufacturing: A difficult end to the year expected
Construction: Planning authorisations recover
Financial sector: A turbulent autumn for UCIs
Consumption: Vehicle registrations down
Labour market: Fewer job vacancies
Inflation - wages: Oil shock repercussions
Horeca: Fewer tourists in the 1st half-year of 2008
PDF Conjoncture Flash November 2008
Manufacturing: manufacturers depressed since October
Construction: a difficult end to the year
Financial sector: banking employment holds up…
Consumption: a particularly satisfying 3rd quarter for vehicle sales
Labour market: bad news on short-time working
Inflation - wages: limited wage increases in the 1st half-year
Foreign trade: structural falls in exports of goods
PDF Conjoncture Flash october 2008
Manufacturing: deteriorating prospects
Construction: drop in mortgages
Financial sector: autumn turbulence for UCIs
Consumption: relatively good performance
Labour market: unemployment stable in September at 4.4%
Inflation - wages: food inflation set to slow down
Foreign trade: services still sound in 1st half of 2008
PDF Conjoncture Flash September 2008
Manufacturing: prices again driven by iron and steel
Construction: grants for planning permissions fall again in Q2
Financial sector: a highly troubled summer for the markets
Consumption: confidence rises tentatively in August
Labour market: unemployment in August stable at 4.4%
Inflation - wages: significant downturn in oil prices
Foreign trade: foreign trade sluggish
PDF Conjoncture Flash August 2008 EN
Manufacturing: contrasting results during the 1st half-year
Construction: mixed opinions for the 3rd quarter
Financial sector: a pleasant surprise for banking employment
Consumption: new car registrations recover during the 2nd quarter
Labour market: unemployment continues to rise
Inflation - wages: inflation forecast: 3.9% in 2008 and 3.0% in 2009
Foreign trade: exchange terms fall
PDF Conjconcture Flash July 2008 EN
Manufacturing: stormy waters
Construction: fewer planning permissions granted in Q1
Financial sector: some respite for UCIs in April and May
Consumption: retail trade holds its own during the 1st quarter
Labour market: change of trend
Inflation - wages: slight rise in wages during Q1 2008
Foreign trade: current account surplus falls
PDF Conjconcture Flash June 2008 EN
Manufacturing: output holds up while orders fall back
Construction: a relatively satisfactory first quarter
Financial sector: a difficult 1st quarter for banks
Consumption: Encroaching gloom
Labour market: unemployment of 9.1% in the Greater Region in 2006
Inflation - wages: the unfavourable inflation differential falls
Foreign trade: exports of services: up 12% in 2007
PDF Conjoncture Flash May 2008
Manufacturing: output down in early 2008
Construction: downbeat forecast
Financial sector: a difficult end to 2007 for the insurance sector
Consumption: new vehicle registrations down in the 1st quarter
Labour market: employment in Luxembourg continues to accelerate
Inflation, wages: slowdown in wage growth throughout 2007
Foreign trade: exports of services: up 12% in 2007
PDF Conjoncture Flash April 2008
Manufacturing: Food prices still under pressure
Construction: More housing units anticipated
Financial sector: Slowdown in banking employment
Trade: Mixed performance in retail trade
Labour market: Falling numbers of people in job schemes
Inflation, wages: Price hikes in services
Foreign trade: Stabilisation of the current balance in 2007
PDF conjoncture flash march 2008
Manufacturing: Measured optimism in a difficult context
Construction: Activity more sluggish in early 2008
Financial sector: A bad start to the year for UCIs
Tourism: A satisfactory 2007
Labour market: Job creations also benefit residents
Inflation, wages: Inflation set to remain high in 2008
Foreign trade: A weakening dollar
PDF Flash February 2008
Construction: Construction prices remain relatively modest
Consumption (1): Slight rise in new vehicle registrations in 2007
Consumption (2): Slump in confidence less severe in Luxembourg
Financial sector: A halt to the rise in UCIs
Labour market: Fall in unemployment since mid-2007
Inflation, wages: Foodstuffs generate more inflation
Foreign trade: Exports of goods more focused on Europe
PDF Flash January 2008
Manufacturing: Less investment in 2008
Construction: A difficult end to the year
Financial sector: Panic sweeps through the markets
Financial sector: Fairly satisfactory results in the banking sector for 2007
Labour market: Employment in Europe continues to accelerate
Wage inflation: Moderate growth in average wage costs
Foreign trade: Current account surplus remains high
PDF EN Conjoncture Flash december 2007
Industry: Prices ease against a backdrop of mixed trends
Construction: Downturn in construction permits in the 3rd quarter
Financial sector: Good results for UCIs in October
Consumption: More new vehicle registrations during the 3rd quarter
Labour market: Employment accelerates
Wage inflation: Wage increase threshold exceeded in November
Foreign trade: Stabilization in terms of trade
PDF CONJONCTURE FLASH EN 11.2007
Industry: Slight improvement in opinions
Construction: Gloomy outlook
Financial sector: Banking employment peaks
Financial sector : Markets under pressure
Labour market: Employment up by 5.1% in July 2007
Wage inflation: Inflation rises to 2.9% in October 2007
Foreign trade: The euro breaks record after record
PDF Conjoncture Flash October 2007
Manufacturing: Iron and steel drive production figures
Construction: Civil engineering makes a comeback
Financial sector (1): Banking activity holds its own in the 3rd quarter
Financial sector (2): UCIs affected by financial turbulence
Labour market: Job vacancy rate up in Luxembourg
Wage inflation: Food price tensions
Foreign trade: Current account surplus remains high
PDF Conjoncture Flash September 2007
Manufacturing: euphoria returns to earth
Construction: net rise in construction permits
Wholesale and retail trade: a difficult start to the year
Financial sector and other market services: UCIs: limited increase in July
Labour market: falling numbers of job seekers
Wage inflation: wages continue to rise
Foreign trade: oil prices at an all-time high but no shock in sight
PDF Conjoncture Flash August 2007
Industry: rising prices, except in energy
Construction: construction prices boosted by metal prices
Wholesale and retail trade: a good start to 2007 for hotels
Financial sector and other market services: banking employment still growing, but less quickly
Labour market: labour market: +4,300 residents over one year
Wage inflation: underlying inflation slows down
Foreign trade: refocusing exports of goods on Europe
PDF Conjoncture Flash July 2007
Manufacturing: modest performance set to improve
Construction: an exceptional start to the year
Wholesale and retail trade: new car registrations stall
Financial sector and other market services: satisfactory first half for banks
Labour market: temporary work continues to accelerate
Inflation, wages: price hike in oil products
Current account surplus stabilises Foreign trade: current account surplus stabilises
PDF Conjoncture Flash June 2007
Manufacturing: manufacturers confident
Construction: muted outlook
Financial sector: UCIs remain on course
Business trends: fewer bankruptcies
Labour market: fall in unemployment
Inflation - wages: higher wage growth
Foreign trade: mixed start to the year for trade in goods and services