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Balance of payments of Luxembourg during the year 2019


The Central Bank of Luxembourg (BCL) and STATEC inform that according to the first provisional results, the current account ended in a surplus of 2.8 billion euros in 2019, a very slight decrease compared to 2018 (-0.3%).

The deficit (negative balance) on transactions in goods rose to 1.1 billion euros in 2019 and thus decreased by 670 million. This change is explained by the fact that the surplus generated by merchanting (purchase and resale of goods abroad without physical national border crossing) increased faster (+811 million) than the deficit of goods (-142 million). The balance of international trade in services amounted to 23.7 billion euros and was almost stable compared to 2018. The non-financial services surplus fell by 11.6%, mainly due to a significant increase in imports of telecommunications services and charges for the use of intellectual property. On the other hand, net exports of financial services increased by more than 5% in 2019. The performance of investment funds largely explains this development. In fact, average net assets under their management increased by 5.7% in 2019, thanks in particular to favorable dynamics on financial markets.

In the financial account, in 2019 as a whole, direct investment flows were still characterized by disinvestment operations for both assets (-361 billion euros) and liabilities (-329 billion euros). These operations concerned a small number of SOPARFIs that continued restructuring, ceasing or relocating their activities. Regarding portfolio investment, non-resident investments in securities issued by Luxembourg (largely Investments Funds shares) have increased, reaching 218 billion euros in 2019, compared to net inflows of 200 billion euros in 2018. With regard to foreign securities, during the year 2019, residents disposed of equity securities (net sales of 8 billion euros) in favor of debt securities (net purchases of 159 billion euros). Direct and portfolio investment flows have resulted in net inflows of 67 billion euros during the year 2019, offset entirely by the net outflows in financial derivatives as well as in other investments (deposits and traditional credits).

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

Table: Balance of payments of Luxembourg