The National Institute of Statistics and Economic Studies (STATEC) reported a 15% increase in bankruptcies, with 317 bankruptcy verdicts — compared to 276 in the first quarter of 2023.

A rise in bankruptcies has led to significant job loss in Luxembourg, totalling 1,239 across the same period. This marks a stark contrast to the 768 job losses recorded in the first quarter of 2023, representing an increase of over 60%. This degree of job loss, in a single quarter, has not been witnessed in the Grand Duchy since 2011.

The construction sector has been particularly hard-hit by bankruptcies since 2023, a trend that intensified in the first quarter of 2024. With 71 bankruptcies recorded, representing an 18% increase compared to the first quarter of 2023, the sector has suffered an estimated 660 job losses, marking a 244% increase from the previous year. Officially declared to be in crisis, the construction sector accounts for over half of all job losses resulting from bankruptcies.

In the trade sector, there were 47 bankruptcies in the first quarter of 2024. While this number decreased slightly compared to the same period in 2023 (47 compared to 55), job losses more than tripled, reaching 133 compared to the 44 previously recorded.

The hotel and catering sector also experienced 32 bankruptcies in the first quarter of 2024, representing an 11% decrease from the same period in 2023. However, initial data indicates a 46% increase in job losses, with around 194 positions affected.