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      Fitch Affirms Luxembourg at 'AAA' rating with stable outlook

      Fitch Affirms Luxembourg at 'AAA' rating with stable outlook

      The agency Fitch has confirmed its rating on Luxembourg's long-term foreign and local currency Issuer Default Ratings (IDR) at AAA with Stable Outlooks.

      Fitch highlights that "Luxembourg is a very open economy with favourable macroeconomic dynamics compared to other eurozone countries". Luxembourg is said to have one of the strongest recoveries in the eurozone in 2013 as GDP growth accelerated to almost 2%, following a 0.2% contraction in 2012. The robustness of Luxembourg economy is demonstrated by GDP being 2.5% higher than in early 1Q11, while in the eurozone it is still 0.9% below the 1Q11 level.
       
      Fitch also forecasts GDP growth of 1.8% in 2014, based on the strong carry-over from 2013 and the gradual eurozone recovery.