Luxembourg leads the EU in services output growth
Rodion Kutsaiev, Unsplash
According to Eurostat, in November 2024, service production in the euro area and the EU increased by 0.3% compared to October. However, among individual countries, Luxembourg posted a record growth of +4.7%, ahead of Estonia (+3.0%) and Slovenia (+1.5%).
In annual terms, Luxembourg grew by 8.6%, behind only Estonia (+13.8%) and Lithuania (+9.2%). At the same time, Denmark (-13.5%), Romania (-7.6%) and Greece (-2.8%) were among the countries with the largest declines in services.
In November 2024, the production of accommodation and food services (+0.9%), information technology (+0.6%) and administrative services (+0.4%) increased in the euro area. However, real estate (-1.0%) showed a decline.
In the EU, the dynamics were similar, but the transport sector contracted by 0.2% due to lower freight traffic.
Luxembourg is showing a stable growth in the services sector, which indicates the development of the domestic market and increasing demand. However, a number of EU countries are facing difficulties, especially in the transport and real estate sectors.
