Although the property market is slowly picking up again, this has had little to no impact on the construction sector.

As Luxembourg's statistics agency Statec reported in its latest economic report this Monday, the situation in the construction sector remains dire with an increasing number of construction companies declaring bankruptcy. Building permits have fallen by 40 percent this year.

However, more and more loans are being signed with banks by private households - a development yet to be seen with companies.

Statec also noted that petrol sales have fallen, with a 4 percent reduction being reported for the first 8 months of 2024. However, this can be partially attributed to the fact that there are fewer diesel-operated vehicles in Luxembourg this year: registrations fell from 185,000 to 172,000 cars.