In the report, “A quantitative portrait of companies in Luxembourg”, STATEC points to exchanges with non-European countries being most affected, as is the case with the United States (-30% compared to 2019).
Imports from China have increased by 8%, however, due to increased demand for masks and medical devices.
In 2020, 50% of the drop in exports can be explained by the decline in iron and steel products, machinery and equipment due to the slowdown in industrial activity caused by the pandemic.
The principle observation from the report indicates that the impact of the Covid-19 crisis is being felt over a much shorter period of time than the similarly negative effect of the subprime mortgage crisis.
STATEC observes that production in industry fell by 11% and in construction by 8% when compared to their 2018 report.
