The National Institute of Statistics and Economic Studies (Statec) estimates that Luxembourg's economy declined by about a quarter during the past months. Therefore, the country's overall wealth went down by 6% in 2020.
However, Statec is expecting a growth of 7% for next year. According to the institute, Luxembourg was recovering relatively quickly even though these figures are still 3% short of what was estimated before the crisis.
Unemployment figures are still on the rise. Statec expects an unemployment rate of 7.3% for 2021. However, this was mainly due to companies being less willing to hire new people as opposed to significant numbers of employees being laid off.
