STATEC has released key data on important changes in government processes in 2023. Luxembourg expects moderate growth at best. But even this became possible only after the tripartite meeting. Its results were able to somewhat slow down the rate of inflation in the country.
The situation with the drop in overall activity in the country is not unique. The European Union has been predicting stagnation and recession for several months now. However, the resulting GDP growth this year was 3%. And yet next year GDP stagnation is quite real. Luxembourg will also show an increase of only 1.5%.
Inflation and the energy crisis are also affecting the consumer sector. Needless to say, there are positive effects as well. In particular, energy consumption decreased by 19%. This was facilitated by a very mild start of winter, but with the advent of cold weather, the situation may change.