Luxembourg - Investment





Luxembourg: Investment

Mnemonic I.ILUX
Unit Mil. EUR, SA
Adjustments Seasonally Adjusted
Quarterly 1.22 %
Data 2019 Q2 2,709
2019 Q1 2,676

Series Information

Source STATEC Luxembourg
Release National Accounts
Frequency Quarterly
Start Date 3/31/1995
End Date 6/30/2019

Luxembourg: GDP

Reference Last Previous Units Frequency
Investment 2019 Q2 2,709 2,676 Mil. EUR, SA Quarterly
Nominal Gross Domestic Product 2019 Q2 15,897 15,533 Mil. EUR, SA Quarterly
Real Gross Domestic Product 2019 Q2 13,127 12,849 Mil. Ch. 2010 EUR, SA Quarterly
Real Investment 2019 Q2 2,297 2,351 Mil. Ch. 2010 EUR, SA Quarterly
Real Private Consumption 2019 Q2 3,882 3,845 Mil. Ch. 2010 EUR, SA Quarterly
Nominal Fixed Investment (gross fixed capital formation) 2018 10,096 10,658 Mil. EUR Annual
Real Fixed Investment (gross fixed capital formation) 2018 9,080 9,654 Mil. Ch. 2010 EUR Annual

Release Information

National accounts data according to ESA 2010 and NACE Rev. 2 are disseminated in millions of euro in current and previous year prices (referenced to the year 2010) using the production, expenditure, and income approaches. Data by main categories of revenue (income approach) are disseminated in current prices only. Data in current and previous year prices (referenced to the year 2010) are disseminated for GDP, the main categories of expenditures, and the main categories of economic activities.

Scope of the data

  • Transaction coverage: The production boundary is in accordance with the European System of Accounts. Estimates for consumption from own agricultural production are also included.
  • Geographic coverage: Nation-wide.

Unrecorded activity

The Luxembourg national accounts cover all transactions, except illegal activities per se, to be included in the estimation of the GDP. Estimates are made for certain types of under-reporting, such as tax evasion and other informal activities.

Valuation

Valuation: At market prices. Output of government and NPISHs are recorded at cost; value of gross fixed capital formation includes installation costs.

Recording basis

  • Time of recording: In principle all transactions are recorded on an accrual basis (ESA). Government tax income and social security contributions are recorded on an time adjusted cash basis. Imports and export are recorded at the time goods are released by customs (for flows with countries outside the European Union) or on the basis of change in ownership (for flows with countries inside the European Union).
  • Recording period: Calendar quarters and years.

Source data collection programs

  • Data sources: For the yearly accounts the main sources are
  • Production approach: The production side of the annual accounts is based on exhaustive administrative data and business survey data. Specific assumptions are made by industry on informal activities. The exhaustivity and the coherence of the estimations are ensured by means of the supply and use table (270 products).
  • Expenditure approach: For the expenditure approach of the yearly accounts, the sources are:
    • Household final consumption expenditure: A households budget survey every 5 years and VAT turnover for retail trade, hotels and restaurants and other services.
    • Final consumption expenditure of NPISHs: Estimation on basis of employment, wages and salaries from Social Security data.
    • Final consumption expenditure of general government: The budget statements.
    • Gross fixed capital formation: Investment survey data, yearly accounts of enterprises and budget statements (for general government).
    • Changes in inventories: Business surveys and yearly accounts of enterprises.
    • Exports and imports of goods and services: Customs statistics, Intrastat data and balance of payments data, adjusted to the national accounts concepts.

Source data definitions, scope, classifications, valuation, and time of recording

To the extent possible, the choice of the quarterly indicators is closely aligned to the data sources and methodology used for the annual accounts.

Production approach: Value added is estimated for 135 branches of activity, but these are aggregated into six main branches for publication. The indicators used are as follows:  

  • Industrial production indices for industry (manufacturing, construction and energy);
  • VAT records for most market services and some industries;
  • Quarterly business accounts for financial services;
  • Monthly budget statements for general government;
  • Quarterly statements for social security funds

Expenditure Approach 

Household final consumption expenditure: 

  • VAT turnover for retail trade, hotels and restaurant services;
  • Final consumption expenditure of NPISHs: Employment and salary data are used as indicator. 

Final consumption expenditure of general government:

  • The estimates for central government are based on the monthly budget statement and the estimates for social security on quarterly statistics.
  • The quarterly final consumption expenditure of local government is interpolated with employment and salary data starting from a yearly extrapolation.

Gross fixed capital formation: 

  • Fixed gross capital formation of companies is based on short term investment surveys as well as on imports and production of investment goods.
  • Fixed gross capital formation on housing is based on VAT turnover  (real estate construction).
  • Fixed gross capital formation for public administration comes from the monthly budget statement. 

Changes in inventories: 

  • Derived as a residual by subtracting the sum of the other expenditure components from total GDP as measured from the production approach.

Exports and imports of goods and services: 

  • The customs statistics and Intrastat statistics for goods and balance of payments data (adjusted to the national accounts concepts) for services.

Source data statistical techniques

As the main sources of annual data are not available in time to allow the annual methodology to be transposed to the quarterly level, the method used for the Luxembourg quarterly accounts is indirect, i.e., the absence of quarterly data necessitates recourse to a "proxy" variable.

Each statistical series of the annual accounts is coupled with a quarterly series which is available by the time the accounts are compiled and whose behavior is similar to that of the accounting item. This series is called the "quarterly indicator". The quarterly indicator generally differs in annual value from the accounting datum, for reasons of definition and scope. It is therefore necessary to "calibrate" the quarterly indicator to the annual accounting datum.

This operation consists in searching for the econometric adjustment which best explains the movement of the annual accounts on the basis of the quarterly value of the indicator in the past. The statistical link arrived at by this regression method, on an annual basis, between the accounting item and its indicator makes it possible to estimate the  account in the current quarters on the basis of the quarterly value of the indicator.

Other statistical procedures

  • Current and constant prices: Volume measures are calculated by deflating value indicators by adequate price indices as follows: production approach – producer price and consumer price indices are used to derive volume estimates; expenditure approach – a) household final consumption expenditure: the consumer price index is used to deflate the VAT turnover for retail trade, hotels and restaurant services; b) gross fixed capital formation: the producer prices index and the price index of imports are used to deflate all the items of gross fixed capital formation; c) exports and imports of goods and services: external trade price indices are used as deflators.
  • Seasonal adjustment: Seasonal adjustments are made by the program X12-Arima in the interface Demetra.
  • Base year and reference year: Volume measures are calculated using the prices of the previous year and are published at the reference period of 2000.

The initially released data (annual and quarterly) are subject to revisions.

Quarterly national accounts are subject to continuous routine revisions as new input data becomes available. As the quarterly national accounts are calculated on base of an econometric model new data cause revisions of the previous quarters even if the annual figures haven’t changed. But the sum of the four quarters always equals the annual figures. Quarterly data are also subject to revision when new annual data are published, in order to ensure consistency between quarterly and national figures.

For annual data revisions are made within 4 months and final data within 45 months and published along with the release of the latest data.