PwC/AGEFI Monthly Barometer - July 2017

An improvement in morale among Luxembourg manufacturers has led our barometer to gain six points, while Eurozone analysts and investors are increasingly confident.


  • GDP grew by 0.1% in the first quarter of 2017, +3.3% year on year.
  • Growth in salaried employment slowed down and stabilised at +3.3% year on year.
  • The slowdown is attributed to financial activity, particularly in the banking sector.
  • Investment was up 2.3% in the second quarter of 2017.
  • Loans to non-financial companies have increased to reach €103.8 billion in the first quarter of 2017, up 7.5% from 2016.

The Eurozone:

  • The European Commission's business and consumer survey rose from 109.2 to 111.1.
  • Widespread optimism in the euro zone accounts for the bullish euro.
  • GDP growth rate was 0.6% in the first quarter of 2017, +1.9% year on year.
  • Nevertheless, unemployment was still at 9.3% in May.
  • The manufacturing purchasing managers’ index (PMI) built on its recent momentum to reach 57.4, the highest it has been for six years.
  • All sectors taken into account, the composite PMI has admittedly decreased to 55.7, but its level is still in line with a quarterly growth of 0.6% or 0.7%.
  • Producer prices have edged back: they were down 0.4% in May although they are still up 3.3% year on year.
  • The underlying consumer price index (CPI) rose by 1.1%, thus exceeding recent forecasts of 1.0%.

Contact us

Dariush Yazdani

Grégory Weber

Xavier Domalain