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In the first trimester of 2020, Luxembourg's gross domestic product decreased by 0.2% compared to the same period last year. When contrasted with the previous trimester, it slumps by 2.9%.
National statistics service Statec published these findings earlier this Monday.
Statec also found that the revenue recorded by Luxembourg's insurance sector contracted by 2.9%. The retail, transport, accommodation, and catering sectors are hit even harder at -5.4%. Corporate and rental services are experiencing a deficit of 6.1%. The water and energy industry record deficits of 3.4% while revenue of the construction sector is also down 3.3%. Public administrations revenue meanwhile decreases by 0.3%. More positive news for the real estate market, which recorded a plus of 1.3%.
The decreasing numbers are mainly due to the pandemic.