Luxembourg's GDP experienced a 1.3% decrease in 2020. However, the Eurozone itself had a 6.4% decrease during the same period.

The Ministry of Finance made the announcement via press release on Sunday morning.

One of the circumstances that allowed the Grand Duchy to persevere so well in comparison is the high rate of jobs that could be done remotely, the press release underlines. Furthermore, the current previsions for Luxembourg, issued by the European Commission, remain positive, thereby confirming the Triple A rating.

A growth of 4.8% is currently envisioned for the year 2021, while GDP is expected to increase 3.3% in 2022. When it comes to potential risks, DBRS Morningstar expressed confidence that the planned global taxing of multinationals will not significantly affect the Luxembourgish economy in any way.