Economics

Lower growth for Luxembourg in 2012

Luxembourg growth will not be 1% in 2012 but 0.7%, according to forecasts by the European Commission. Cold comfort, as the Grand Duchy is still doing better than the rest of the eurozone, expected to fall into recession.

29.02.2012

(ADW) Luxembourg growth will not be 1% in 2012 but 0.7%, according to forecasts by the European Commission. Cold comfort, as the Grand Duchy is still doing better than the rest of the eurozone, expected to fall into recession.

Brussels has not only lowered its forecast for 2012, it has also revised down its estimate of Luxembourg GDP growth in 2011. Instead of 1.6% growth, it was only 1.1% due to a major revision of activity in the second quarter (-0.9%).