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Registration in the commune 

For many car owners, fuel has long been a coveted "prize" in Luxembourg. This was especially true for cross-border workers. Many of them used private transport to get to their offices every day.

The reason for this is simple and obvious — fuel costs were lower than in neighbouring Germany, France and Belgium, although not always significantly so. Of course, this is not always the case, as the price of fuel is influenced by a number of different factors. However, the phenomenon of "fuel tourism" is one which has its origins here.

 of petrol and diesel in the Grand Duchy of Luxembourg and 

. However, these are more global trends that affect fuel prices all over the world. Luxembourg is no exception.

However, the country still manages to keep prices at its petrol stations slightly lower than those of its nearest neighbours. On 5 June, for example, a litre of 95-octane petrol 

 1.553 euros in Luxembourg, 1.704 euros in Belgium, 1.798 euros in Germany and as much as 1.843 euros in France.

The fluctuations may seem insignificant. But the difference between Luxembourg and France was 16%. You can easily calculate how much you save by filling up with, say, 20-30 litres.

For diesel, the situation is similar. On the 5th of June, the price of this fuel was 1.434 euros per litre in the Grand Duchy, 1.584 euros in Germany, 1.658 euros in Belgium and just over 1.666 euros in France.

The presence of numerous service stations throughout Luxembourg ensures competitive prices and availability. Although petrol prices can fluctuate due to global oil market trends, Luxembourg continues to be known for its affordable fuel prices.

Fuel prices in Luxembourg: will the country remain a hub for "fuel tourism"?

Eurostat revised its forecast for GDP growth in the first quarter of 2023. As a result, the expected growth figure has been lowered from 0.1% to -0.1%. This is an indication that the Eurozone, comprising the 19 countries that use the euro as their currency, is in a technical recession.

At the same time, despite the Europe-wide data, Luxembourg has one of the highest GDP growth rates at 2%. The only country with higher growth is Poland, which managed to achieve 3.8 %.

Portugal also recorded an increase in GDP of 1.6%. However, not all countries performed well: Ireland recorded the strongest GDP decline of -4.6%. Lithuania also recorded a significant decrease: -2.1 %, while the Netherlands saw a more moderate contraction of -0.7 %.

The final consumption of private households has fallen, as have imports. Exports to the EU, on the other hand, grew by 0.1 %.

 that employment rose by 0.6 % in Europe. Estonia led the way with an impressive 4.4 % increase in employment compared with the previous quarter. Malta followed close behind with a significant increase of 2.9 %. Ireland showed steady growth of 1.6 %.

On the other hand, Lithuania, Romania and Greece saw employment fall over the same period. The largest decline was recorded in Lithuania, where employment fell by a substantial 1.5 %. Romania followed with a fall of 1.1 %, while Greece recorded a more modest decline of 0.3 %.

As for the Grand Duchy, Luxembourg remains stable in terms of its employment rate. As in the previous quarter, the rate remained stable at 0.6 %.

Delano

Euro area is in a recession

The Statec agency monitored the prices of food and non-alcoholic beverages. It found that they showed one of the highest price spikes in May this year. The trend continues from the end of last year.

Over the course of the year, food costs rose by 12%. Vegetables (+19.7%), milk and dairy products (+17%) and bread and cereals (+14%) have seen the biggest increases.

There was also a noticeable increase in the services sector. The recent indexation of wages is largely responsible for this. The price of domestic services rose by 2.6% following a 2.5% increase in wages.

 that the cost of living in Luxembourg is still on the rise, but the annual inflation rate is clearly tending to slow down since it reached 3.6% in March. 

In terms of annual variation, Statec reported in April that the price of housing and utilities (water, electricity and fuel) fell by 0.10%, that of transport rose by 0.21% and that of expenditure related to education by 0.6%. On the other hand, the price of alcoholic beverages and tobacco rose (5.29%). In detail, vegetables (+21.25%) recorded the highest increase in prices, followed by dairy products and eggs (+18.39%) and bread and cereals (+13.33%).

Paperjam

Grocery prices continue to rise

The European Commission has shared updated forecasts which give an indication of the state of the eurozone economy and the European Union as a whole. According to these forecasts, the economy of the whole eurozone is expected to grow by 1.1% in 2023 and 1.6% in 2024. While the European Union is expected to grow by about 1% in 2023 and 1.7% in 2024.

Brussels pointed out that despite some improvement, inflation is still a problem for the European economy, and is expected to peak in 2023. After that, however, the European Central Bank (ECB) expects inflation to fall to 2.8% in 2024. Lower energy prices, a stronger labor market and a normalization of the supply of goods and services are contributing to the improved stability of the economy.

In relation to Luxembourg forecasts for 2023 were less optimistic, with only 1.6% growth expected. This is due to a decline in individual consumption and general weakness in investment flows in the country. Amongst the reasons for this trend is the tight financial policy pursued by the Central Bank of Luxembourg and the European Central Bank. Nevertheless, Brussels also commented that if the forecasts hold true, the need for such harsh measures could be reduced.

It should be noted, however, that economic forecasts are always fraught with risk and are not always justified. External factors such as global economic developments, political instability or changes in international trade could have a significant impact on the economic situation in the euro area and the European Union.

Overall, the European Commission's forecasts point to an expected slowdown in economic growth in the euro area and the European Union. However, labour market stability and some positive factors, such as lower energy prices and the normalisation of supply, could help to maintain the resilience of the region's economies.

Economic development outlook revised upwards for Europe

The new patent system will be introduced in Europe in June 2023. It aims to unify the market of innovation and bring a piece of legal certainty when it comes to protecting intellectual rights in different countries of the European Union.

Recent years have revived debatable topics remaining in the single market, addressing advances in technologies. Innovations are the key to the much-needed energy transition and digital transformation of all spheres of the economy. 

And yet, as of today, there is no unified patent system in the European zone, and this complicates not only the road to the market but also the process of sharing innovation accomplishments between member countries. The protection of intellectual rights on an invention is one of the most important components of the whole process of scientific development, a guarantee of safe exchange between the actors of the system.

There are several radical issues. The broader geography of patent protection the innovative company wants – the more costly it will be. Currently, patent validation needs to be carried out in different member states separately. Of course, document collection and process complexity influence the speed with which the invention, whether it's a new technology or product, can make it to the market and reach customers.

Another big issue to address regarding the current patent system is its relationship with trade and the invention process itself. Technology does not evolve locally in a vacuum – international knowledge and goods exchange is necessary for progress. Take Luxembourg for instance, says Mr. Ménière.

Overall, the unified patent code in the European Union will change several important areas, making the innovation market more flexible and efficient.

A discussion on current challenges in the field of intellectual property rights protection took place on Tuesday, April 25. The Intellectual Property Day in Luxembourg marked its fifteenth edition. The conference, organized by the Ministry of Economy in cooperation with the Luxembourg Intellectual Property Institute (IPIL GIE), was a platform for many high-profile personalities, including the Luxembourg Minister of Economy Franz Fayot, who gave opening remarks, and Tom Wirion, Head of the Chamber of Trade and Industry.

A new patent system for European entrepreneurs will appear this summer

Luxembourg's annual inflation rate has shown a continuous decline, reaching 3.6% in March 2023. But statistics formed a bipolar picture: while gas prices drop, food costs get higher.

This trend is attributed in part to the reduction in fuel prices, which has resulted in a rise in the cost of living, albeit at a slower pace. 

The Statec, Luxembourgish national statistics institute, reported that the price of housing and utilities has decreased by 0.10% on an annual basis, while transport prices have increased by 0.21%. As well as education expenditure – by 0.6%. Interestingly, the price of alcoholic beverages and tobacco increased by 5.29%, along with furniture (+7.49%) and food and non-alcoholic beverages (+13.27%). The latest category has shown a rapid spike in cost.

Meanwhile, the price of liquid fuels has plummeted by a quarter (-25.31%), with gas and fuels also experiencing significant declines. The STATEC noted that inflation is affected by the surge in prices of services that continue to increase. Price increases were observed in the restaurant sector (+0.6%) and for daycare centers for children (+2.2%) too.

The downward trend in inflation in Luxembourg can be explained by various factors. Firstly, the decrease in fuel prices has contributed to the decline in the inflation rate, as fuel is an essential component of many products and services. This decline can be attributed to global trends, such as the oversupply of oil in the market. Secondly, global supply chain disruptions have resulted in a shortage of certain goods, leading to price increases. In Luxembourg, the shortage of fresh vegetables has contributed to the significant increase in their prices.

The increasing demand for certain services due to the pandemic has resulted in price hikes last few years. For example, the demand for daycare centers and homes for children has increased as more parents have had to work remotely, leading to an increase in their prices. Similarly, the demand for medical services has increased due to the pandemic, resulting in higher prices. and didn't go down after that.

Policies implemented by the government and the European Central Bank (ECB) have also influenced the inflation rate in Luxembourg. The ECB's quantitative easing policies, which have resulted in increased spending and borrowing, have contributed to the rise in prices in general. On the other hand, the government's policies, such as the reduction in value-added tax (VAT) for certain goods and services, have helped to mitigate the rise in prices. While the inflation rate has shown a decline, it is important to continue monitoring it and implementing policies to ensure that it remains stable and sustainable.

Read more: Cost of living in Luxembourg: how to figure out the monthly budget?

Bipolar picture of Luxembourg's inflation: annual rate falls to 3.6% in March 2023

From 2019 to 2022, Luxembourg's retail structure changed dramatically. In addition to the increase in the number of some businesses and the reduction of others, new types of commercial activity began to form and develop.

) shops demonstrated a big growth: restaurant numbers have grown by 26.4%, and the shops for in-house hobbies — by 22.3%. Grocery stores are slightly behind — they grew only by 11.8%.

At the same time, the number of fashion boutiques, perfume shops, and meat stores has decreased. Although in the case of perfumery retail, we can clearly see the consolidation process of business. The number of outlets has decreased, but the retail spaces have increased.

Alternative retailers are also growing fast. The number of second-hand shops has increased by 42.9%, as well as online stores — by 40%.

The number of fast food restaurants increased by 26%

Germany and Luxembourg could face labour shortages

MRI scans become more affordable in Luxembourg

Most Luxembourgers are satisfied with their quality of life

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A new form is now available on the Myguchet.lu website

. By filling it out, a business can receive assistance from the state in paying the energy bills. This financial support offsets the rising costs of diesel, gas and electricity.

Companies whose bills for gas and electricity exceed 3% of the total turnover can recieve financial aid from the government for paying those bills.

Assistance in paying for diesel fuel will be provided to:

Business gets government aid in paying for gas, electricity, diesel

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