## Luxembourg: Staff Report for the 2015 Article IV Consultation

_IMF Staff Country Reports, June 8, 2015_

## Source details

**Canonical URL:** [Luxembourg: Staff Report for the 2015 Article IV Consultation](https://www.imf.org/en/publications/cr/issues/2016/12/31/luxembourg-staff-report-for-the-2015-article-iv-consultation-42983)

## Other formats

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## Bibliographic details
- Published: June 8, 2015
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781513530802.002

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### Executive summary
- Luxembourg’s economic model emphasizes fiscal stability, openness, firm prudential oversight, and responsiveness to investor needs.
- Buoyant financial services exports contributed to real growth of close to 3 percent in 2014, with strong job creation.
- Growth is projected at 2.5 percent in 2015.
- Budget 2015 launched a multi-year fiscal consolidation aimed at offsetting falling revenues from electronic commerce.
- Evolving international tax transparency standards, in which Luxembourg is participating fully, could impact the revenue base.

### Growth and labor market
- Real growth of close to 3 percent in 2014 driven by buoyant financial services exports.
- Strong job creation accompanying the 2014 growth performance.
- Projected growth: 2.5 percent in 2015.

### Fiscal policy and consolidation
- Budget 2015 initiates a multi-year fiscal consolidation strategy.
- Objective: offset falling revenues from electronic commerce.

### Financial sector and oversight
- Firm prudential oversight cited as a core component of Luxembourg’s economic model.
- Financial services exports are a key growth engine for the economy.

### Risks and challenges
- Falling electronic commerce revenues that fiscal consolidation seeks to address.
- Potential impact on the revenue base from evolving international tax transparency standards; Luxembourg is participating fully in these standards.

### Subject tags (as presented in the source)
- Banking
- Economic sectors
- Expenditure
- Financial institutions
- Financial regulation and supervision
- Financial sector
- Loans
- Public debt

*International Monetary Fund — Luxembourg: Staff Report for the 2015 Article IV Consultation (June 8, 2015).*

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_Source: https://www.imf.org/en/publications/cr/issues/2016/12/31/luxembourg-staff-report-for-the-2015-article-iv-consultation-42983_