Luxembourg GDP rises by 4.4%

Luxembourg GDP has risen by 4.4% in Q2 2016 compared to the same quarter in 2015. Growth compared to Q1 is up 1.6%, Statec reported on Monday.

The value added by financial service providers and insurance companies represented an increase of 1.3%, while there was an increase of 2.9% for the trade, transportation, hospitality and catering sector. GDP increased by 7.9% in ICT and 2.4% in construction.

Statec has revised its annual growth calculation from 2015: 1.7% instead of 5.3% for Q3, and 2.1% instead of 3.6% for Q4.