The Grand Duchy's GDP weathered the crises of the last year, rising by 1.6%.

According to the most recent data published by Statec, Luxembourg's GDP rose by 1.6% over the whole of 2022.

However, the positive outlook was somewhat diminished by data showing that the financial and insurance sectors suffered last year, thus reducing their added value. A number of industrial businesses also struggled throughout 2022.

In the fourth quarter of 2022, the GDP dropped by 2.2% compared to the same period in 2021, and was 3.8% lower than the third quarter.