Prince Henri Auditoire 02 BW

Balance of payments of Luxembourg during the year 2018


The Central Bank of Luxembourg (BCL) and STATEC inform that the current account showed a surplus of 2.8 billion euros in 2018, an increase of 2.5% compared to 2017.

The deficit (negative balance) of goods amounted to 2.9 billion euros in 2018 and was thus reduced by 287 million euros. This development is explained by the fact that the surplus generated by goods under merchanting (purchase and resale of goods abroad without physical crossing of the national border) grew faster (+683 million) than the deficit of general merchandise. The later deteriorated by 397 millions euros, especially due to an increase in imports of energy products. The surplus of international trade in services amounted to 22.6 billion euros and grew by 5.5% compared to 2017. Net exports of non-financial services (+18.7%) were much more dynamic than those of financial services (+ 0.8%), which were impacted by the turmoil on financial markets at the end of 2018.

In general, improved trade balances in goods and services have more than offset the growing deficits in primary income (wages of employees, investment income) and secondary income (taxes, contributions and social benefits, international cooperation and other transfers).

In the financial account, direct investment flows were dominated by disinvestment operations for both assets (-398 billion euros) and liabilities (-404 billion euros). These operations concerned a small number of SOPARFIs that restructured, ceased or relocated their activities. Regarding portfolio investment, non-resident investments in securities issued by Luxembourg (largely Investments Funds shares) widely decreased, reaching 157 billion euros in 2018, compared to net inflows of 391 billion euros in 2017. With regard to foreign securities, residents also decreased their investments in 2018, which totaled 73 billion euros compared to 324 billion in 2017. Portfolio investment flows resulted in net inflows of 84 billion euros in 2018, offset entirely by the net outflows in other investments (deposits and traditional credits) and in financial derivatives as well as in direct investment flows.


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


Table: Balance of payments of Luxembourg

tab bal

For further information, please contact:

  • STATEC           - Mr. Bley                                           at 247-84393         
  • BCL                   - « Communication » section         at 4774-4265 ou 4599