## Luxembourg: 2018 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Luxembourg

_IMF Staff Country Reports, April 3, 2018_

## Source details

**Canonical URL:** [Luxembourg: 2018 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Luxembourg](https://www.imf.org/en/publications/cr/issues/2018/04/03/luxembourg-2018-article-iv-consultation-press-release-staff-report-and-statement-by-the-45781)

## Other formats

- [Markdown version](/en/publications/cr/issues/2018/04/03/luxembourg-2018-article-iv-consultation-press-release-staff-report-and-statement-by-the-45781/index.md)
- [Structured JSON version](/en/publications/cr/issues/2018/04/03/luxembourg-2018-article-iv-consultation-press-release-staff-report-and-statement-by-the-45781/index.json)
- [Bundle manifest](/en/publications/cr/issues/2018/04/03/luxembourg-2018-article-iv-consultation-press-release-staff-report-and-statement-by-the-45781/bundle-manifest.json)

## Bibliographic details
- Published: April 3, 2018
- Series: IMF Staff Country Reports

---

### Economic performance and outlook
- Economic growth reached 2.3 percent in 2017, above the European Union average.
- Growth drivers in 2017: net exports of financial services and private consumption.
- Growth projection for 2018: 3.5 percent.
- Labor market: continued strong job creation projected for 2018.
- Inflation: a temporary slowdown expected in 2018.

### Fiscal position and public finance
- Fiscal outcome in 2017: a fiscal surplus of 1.4 percent of GDP, supported by buoyant corporate tax revenues.
- Medium-term outlook: the full impact of 2016 tax reform, combined with a continued need for high public investment, is expected to result in a small fiscal surplus over the medium-term.

### Key findings and focus areas
- Main findings:
  - 2017 growth of 2.3 percent, driven by financial services exports and private consumption.
  - Projected growth of 3.5 percent in 2018 with strong job creation and temporary inflation slowdown.
  - 2017 fiscal surplus of 1.4 percent of GDP due to buoyant corporate tax revenues.
  - Medium-term fiscal outlook shaped by 2016 tax reform and high public investment needs, leading to an expected small fiscal surplus.
- Subject areas highlighted: Banking; Corporate income tax; Financial institutions; Financial Sector Assessment Program; Financial sector policy and analysis; Mutual funds; Public debt; Revenue administration; Taxes.

_International Monetary Fund. European Dept. "Luxembourg: 2018 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Luxembourg", April 3, 2018_

---

## Content in this bundle

- **Country Report**
  - [Country Report (Markdown version)](/-/media/files/publications/cr/2018/cr1896.pdf.md){rel="alternate" type="text/markdown"}
  - [Country Report (PDF)](/-/media/files/publications/cr/2018/cr1896.pdf){rel="external" type="application/pdf"}

---

_Source: https://www.imf.org/en/publications/cr/issues/2018/04/03/luxembourg-2018-article-iv-consultation-press-release-staff-report-and-statement-by-the-45781_