Business in Luxembourg is confident in the future despite the current crisis

The results of the 30th Eurochambres economic survey, in which 42 000 companies across Europe participated, have become public. Luxembourg business took an active part in the survey.

47.5% of companies in Luxembourg believe that their domestic sales will remain stable in 2023. Last year, confidence was only slightly higher at 48.7%. Business also still relies on exports — 43% of companies believe in its stability. However, this figure is not as impressive: a year ago, 51% of businessmen in the Grand Duchy were hoping for an increase in supplies abroad.

60% of companies expect stable (compared to 2022) investments. And 21% even believe that the number of investments will increase. This is not the highest result in Europe (40% in Ireland), but quite high compared to, for example, France (10%).

According to the survey, the majority of companies in Europe are now worried about the availability of energy and raw materials (67-68%). Luxembourg does not belong to this majority. In the Grand Duchy, business, as always, is most concerned about the lack of qualified specialists in the labor market.

This is probably why 66% of companies in Luxembourg hope to retain their workforce next year. Professionals in the country are worth their weight in gold.

In Europe as a whole, the survey showed rather alarming results: business is rapidly losing hope for the future, morale is even lower than at the height of the financial crisis in 2008-2009. This is due to the cascade of problems that began with the covid pandemic.