Financial services

'Disappointing' financial sector performance drags on GDP

Added value of sector falls by 3.3%, weighing down on Luxembourg's economic growth, Statec says

26.04.2018

Statec, Luxembourg's official statistics bureau, has rained on the parade of finance minister Pierre Gramegna after describing the performance of the Grand Duchy's financial sector over 2017 as "disappointing".

On Wednesday, Gramegna painted a glowing picture of Luxembourg's economy to lawmakers at the Chamber of Deputies, highlighting the strength of financial services and claiming that the ruling coalition government's handling of the economy over the last four and a half years had "proven the naysayers wrong".