Economy

The Grand Duchy is the fourth most competitive country in the EU

According to the recently published 2017 competitiveness report, the Grand Duchy has moved up three places compared with its position in 2015.

03-bilancompetitviteThe Grand Duchy ranks 4th in the European Union on the 2017 competitiveness scoreboard compiled by the country's Observatory for Competitiveness (Observatoire de la Compétitivité, ODC). The new scoreboard, which measures the country's competitiveness compared with the other 27 States in the EU, is based on 67 indicators, including 41 that are completely new, in three categories: 'economy', 'social' and 'environment'. The Grand Duchy ranks 7th in the 'economy' category, 1st in the 'social' category, and 9th in the 'environment' category. The Government is keen to improve on this 9th position, particularly by increasing R&D resources in the field of green energy and by promoting awareness among investors and businesses.

Competitive while preserving the environment

The ODC defines competitiveness as "a country's capacity to improve the living standard of its inhabitants sustainably, providing them with a high level of employment and social cohesion, while preserving the environment". At a press conference on 30 October, Secretary of State for the Economy Francine Closener said: "The new scoreboard gives greater prominence to those indicators included in the 'social' and 'environment' sections, thereby acknowledging the importance of these aspects for competitiveness. This new approach is in line with our objectives for qualitative growth in the Grand Duchy."

In its report, the ODC also presents an analysis of the Grand Duchy's ranking in the benchmarks drawn up by a number of international organisations, and monitors the country's indicators and objectives in the context of the country's 'Europe 2020' policy and the procedure for monitoring instances of macroeconomic imbalances.

Five new priority sectors in economic development

Since 2015, the report on competitiveness has closely followed the evolution of the five new priority sectors for economic development in the Grand Duchy. According to the most recent information available, in 2014 these five sectors ('information and communication technologies (ICT)', 'space technologies', 'logistics', 'health sciences and technologies' and 'eco-technologies') represented about 10.5% of the gross added value generated in the Grand Duchy and nearly 33,000 jobs in more than 2,830 companies.

(article written by the editorial team of the portal 'luxembourg.lu' / Source: press release from the Ministry of the Economy)

  • Updated 07-11-2017