## Luxembourg: Staff Report for the 2014 Article IV Consultation

_IMF Staff Country Reports, May 9, 2014_

## Source details

**Canonical URL:** [Luxembourg: Staff Report for the 2014 Article IV Consultation](https://www.imf.org/en/publications/cr/issues/2016/12/31/luxembourg-staff-report-for-the-2014-article-iv-consultation-41542)

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## Bibliographic details
- Published: May 9, 2014
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781475518528.002

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### Executive summary
- With a strong policy framework, Luxembourg "has weathered the crisis well and the economy is rebounding."
- The fiscal position "remains sound."
- The large financial sector "has been resilient."
- After a shallow recession in 2012, growth reached 2.1 percent in 2013.
- The improving economic and financial environment in Europe drove the recovery in services exports.
- Outlook: growth is expected to firm up but without returning to its pre-crisis trend.

### Growth performance and outlook
- 2012: shallow recession (no numeric depth provided).
- 2013: growth of 2.1 percent.
- Output is forecast to grow broadly in line with potential during 2014–2019: "2 to 2½ percent."

### Fiscal and financial stability
- Fiscal position characterized as sound.
- Large financial sector assessed as resilient.
- Recovery driven by an improving economic and financial environment in Europe, supporting services exports.

### Key subjects and thematic coverage
- Banking
- Economic sectors
- Expenditure
- Financial sector
- Fiscal policy
- Fiscal stance
- Labor
- Output gap
- Public debt

### Keywords highlighted in the report
- cost competitiveness
- CR
- diversification proceeds
- Europe
- expenditure review
- Financial sector
- Fiscal stance
- Global
- government
- government housing benefits policy
- growth prospect
- ISCR
- liability positions vis-à-vis nonresident
- Luxemburg
- staff
- wage indexation mechanism

*Luxembourg: Staff Report for the 2014 Article IV Consultation (IMF Staff Country Reports 2014, Issue 118).*

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_Source: https://www.imf.org/en/publications/cr/issues/2016/12/31/luxembourg-staff-report-for-the-2014-article-iv-consultation-41542_