Note de conjoncture N° 1/2021

Under the effects of the pandemic, economic activity in Luxembourg suffered a decline in 2020, but it seems to have been less serious than in the rest of Europe. Acceleration of the vaccination programme makes it possible to envisage a significant reduction in activity restrictions and a strengthening of the economic dynamic from the second half of 2021, in combination with national and international stimulus measures. Luxembourg's GDP is therefore expected to grow by 6% in volume over 2021, followed by a 3.5% expansion in 2022.

Under the effects of the pandemic, economic activity in Luxembourg suffered a decline in 2020, but it seems to have been less serious than in the rest of Europe. Acceleration of the vaccination programme makes it possible to envisage a significant reduction in activity restrictions and a strengthening of the economic dynamic from the second half of 2021, in combination with national and international stimulus measures. Luxembourg's GDP is therefore expected to grow by 6% in volume over 2021, followed by a 3.5% expansion in 2022.