Luxembourg

The AAA rating is duly confirmed, thanks to the soundness of the public accounts and political and socio-economic stability. Since September 2016, the Grand Duchy has been competing with Qatar for first place in the OECD ranking for GDP per capita at purchasing power parity. The sustained economic and financial activity has made it possible to maintain growth rates above the European average over the last 10 years. In 2019 GDP increased by 2.3%, in 2020 it fell to -3.5% (due to the pandemic), for 2021 the estimate is 4.2%. The engine of the Luxembourg economy remains the financial sector, but the government is adopting policies of diversification of the productive fabric that reward investments in latest generation ICT, logistics, bio-technologies, innovation and scientific research to develop new industrial capabilities, with the ambition to transform the Grand Duchy into a forerunner in the field of digital innovation. Luxembourg is currently the second largest financial centre in the global area for attracting investment funds. There are 141 international banks, supported by insurance companies and complementary consultancy, auditing and legal assistance services. Cosmopolitan and multilingual, it relies on a continuous influx of professionals and skilled labor from abroad, which is recognized as contributing decisively to the wealth of the country.

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