Luxembourg GDP decreased in third quarter of 2012

(CS)Luxembourg's GDP decreased by 0.1 percent in the third quarter of 2012 in comparison to the same time in 2011, with a –0.3 percent development compared to the second quarter of last year.

National statistics office Statec also published revised GDP figures for 2011 and earlier in 2012 on Monday.

The fourth quarter of 2011 saw the Grand Duchy's GDP revised downwards to –0.4 percent instead of +0.2 percent. The first quarter of 2012 also saw a downwards revision from +0.1 percent to –0.3 percent.

However, the second quarter of 2012 was able to finish with a +0.9 percent high, slightly higher than the anticipated +0.8 percent, also marking a positive development on the same time in 2011.

In comparison to 2011 the real estate sector saw the biggest growth at 3.4 percent. Meanwhile industry and energy took the biggest hit with –7.4 percent.

In comparison to the second quarter of 2012, the third quarter saw a decline in nearly all sectors, but especially real estate (–1.0 percent), construction (–0.9 percent), commerce, transport and communications (–0.7 percent) and financial services (–0.5 percent).

Overall expenditure of households and not-for-profits went down by 0.1 percent in the third quarter of 2012 in comparison to the second quarter of the same year.

However, in comparison to the second quarter of 2011 it was up by 0.2 percent.

Expenditure of public administrations in the meantime went up by 1.0 percent in comparison to the second quarter of 2012 and increased by 4.3 percent compared to the third quarter of 2011.

While imports (+0.6 percent) and exports (+1.6 percent) increased in comparison to the second quarter of 2012 they were down in comparison to the same time in 2011 (–4.8 percent and –2.6 percent respectively).