Prince Henri Auditoire 02 BW

Balance of payments of Luxembourg during the year 2015


The Banque centrale du Luxembourg (BCL) and STATEC inform that the current account for 2015 has resulted in a surplus of 2.87 billion euros, compared to 2.69 billion a year earlier, which corresponds to an increase of about 180 million euros.

Compared to 2014, the trade deficit has substantially grown in 2015 (-2 billion euros). While the balance of general merchandise (including non-monetary gold) has gone up by nearly 700 million euros between 2014 and 2015, net exports of merchanting have significantly fallen (-2.7 billion), following the change in business model (within Europe) of a major e-commerce company. The effects of this restructuring, resulting in a redistribution of flows between goods and services, have remained almost neutral on the current account surplus. Therefore, imports of services have increased less than exports, partly explaining the substantial increase of 23% (+3.9 billion euros) of the international trade in services surplus between 2014 and 2015. Also contributing to the increase of the latter are financial services, whose surplus grew by almost 15% (+1.9 billion), largely due to boost in the annual average net assets managed by investment funds (+ 21% in 2015).

In the financial account, the portfolio investment flows including the financial derivatives recorded net inflows of 105 billion euros during the year 2015 as a whole, compared to 91 billion in 2014. These inflows were entirely offset by net outflows in direct investments and other investments (loans and traditional deposits), so that the financial transactions globally ended with net capital outflows of 2.2 billion euro during the year 2015, compare with outflows of 1.7 billion euro during the year 2014.

Detailed statistical tables are available on BCL’s website ( as well as on the website of STATEC (

Table: Balance of payments of Luxembourg (in millions of euros)


For further information, please contact

  • STATEC at 247-84362 or 84393
  • BCL at 4774-4265 or 4243