Pierre Gramegna

Pierre Gramegna

Minister of Finance of the Grand Duchy of Luxembourg

Finance / Luxembourg

“Our economy will be 25% larger than in 2013”

Luxembourg’s economy is forecast to continue growing at twice the OECD avereage this year. Minister of Finance Pierre Gramegna explains what’s driving sustained growth.

Where is the economy heading in 2018?
If we continue to grow by 4% in 2018, our economy will be about 25% larger than in 2013. This is due to the financial center becoming a hub for global private banking, the fund industry writing new records, and the service economy supporting new projects, such as space mining.

How have financial transparency reforms changed Luxembourg?
After we abandoned bank secrecy in 2014, we stood out much better because we now comply with best international standards. Together with the EU, Luxembourg is among the most ambitious places in the world that is embracing banking transparency.

Why is Luxembourg so attractive for global companies?
What makes Luxembourg truly attractive is our triple-A credit rating with a stable outlook. Moreover, we have a reasonably attractive corporate tax rate, which stands at 18% in 2018, and a highly productive population in the heart of the EU.