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Luxembourg’s economy is likely to grow slower than initially expected, says the national statistics agency, STATEC. In January, the institute had predicted an economic growth of 2% but this number is said to be ‘threatened’, with STATEC adjusting the growth forecast for this year to 1.5%. The decline in economic confidence is a trend across the whole Eurozone, particularly in the industrial, commercial and other non-financial service sectors. According to STATEC, the ongoing geopolitical crises in Ukraine and the Middle East are the reason for the reduced economic growth, as well as the potential recession in the US and a slowdown in China’s economic growth.
