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Economic activity remained strong in 2016. GDP rose by +3.2%. Although growth is expected to ease to +2.5% in 2017 and +2.3% in 2018 (see Figure 2), performance should stay well above the eurozone average. The growth engines are - as usual -domestic demand and net exports of services, with the financial sector leading the pack. In particular, incomes benefit from the tax-cutting reform while the investment fund industry has gained momentum. As for national targets under the Europe 2020 Strategy, Luxembourg performs well in job creation and education. Yet more effort is needed in R&D, environment, and poverty reduction.

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