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Luxembourg is internationally renowned for its strong financial and economic performance, its sustained job creation and its social and political stability. Recent figures confirm that this is indeed true.

Strong growth in 2021

Although considerably hit by the COVID-19 pandemic in 2020, the Luxembourg economy came out relatively unscathed with a decrease in GDP of only 1.3% – far below the initial estimates, and significantly less than most other EU countries. In 2021, the wind turned radically. The first estimates by national statistics office STATEC indicate a growth of no less than 6.9% during 2021.

The population grew as well by 1.7%. This is slightly less than before the pandemic, when annual levels varied between 2% and 2.5%, but more than in 2020 (1.4%). The country is now home to 645,000 inhabitants. 47% of the population is made up of foreign nationals.

Less unemployment, more jobs

Unemployment has been steadily decreasing since June 2020, when it peaked at 7%. In March 2022, the unemployment rate was 4.7%. A level that Luxembourg had not experienced since late 2008 and early 2009.

Compared to March 2021, the number of job seekers decreased by 22% and the number of people receiving unemployment benefits decreased by 23.4%. During the same period, the number of job offers increased by 49.1%.

Growing workforce

The number of people working in Luxembourg grew as well. In March 2022, the country counted for the first time more than 500,000 people working on its territory. 58% of them are Luxembourg residents, while the remaining 42% – over 210,000 workers – commute from neighbouring countries.

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$21 million for carbon negative construction

25-05-2022

LEKO LAB's $21-million Series A funding is one of the most substantial capital raises in the sustainable building sector in Europe. CEO Remo Gerber speaks about how the company will impact the construction sector in the years to come.
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The best time to invest

23-05-2022

A dynamic start-up hub requires entrepreneurs with great ideas – and investors willing to provide the means for these ideas to become a reality. A growing number of venture capitalists and business angels in Luxembourg are active on the local market and investing in promising start-ups that have the potential to make it big time in the future.
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A start-up ecosystem for acceleration and growth

20-05-2022

With a fast-growing entrepreneurial community, Luxembourg is a rising star on the global start-up scene. Strategic investments in a favourable environment as well as a dynamic and open-minded business sector attract promising young companies from near and far.
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Daher and LIST to develop welding technology for aircraft substructure assembly

19-05-2022

The French multinational Daher has established a large partnership with the Luxembourg Institute of Science and Technology (LIST) aimed at maturing and optimising a welding technology that enables the assembly of primary aircraft substructures produced with thermoplastic composites.
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Luxembourg – Portugal: Strengthening start-up relationships

12-05-2022

The Portuguese and Luxembourg start-up ecosystems were in the spotlight on 11 May 2022 at an event organised in the context of the currently ongoing Luxembourg state visit to Portugal. As well as highlighting the strengths of both ecosystems, the event provided an opportunity to deepen cooperation links.
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