Amazon has announced that the company invested more than €1bn in Luxembourg in 2023. Its investments contributed €758m to the country’s GDP in 2023, said Amazon, citing estimates from the technology and advisory firm Keystone Strategy. According to , the country’s GDP for 2023 amounted to €79.3bn. That means Amazon contributed roughly 0.96% of Luxembourg’s GDP last year.
“The figures we announced today demonstrate the significant, positive impact Amazon has in the countries where we operate, including Luxembourg--our European home for more than 20 years now,” said Jorrit Van der Meulen, vice president, European Stores, during the company’s annual meeting at the European Convention Center on 14 November 2024. “I am proud of the contributions we have made so far and am excited for what’s to come.”
That brings the total amount of investments made in the grand duchy to more than €9bn since 2010, said the company. Amazon explained that that the €9bn included €3bn paid out for employee compensation and benefits. The firm added that it had contributed some €3.5bn to Luxembourg’s GDP since 2010.
Read also
“Amazon’s decision to set up its European headquarters in Luxembourg more than 20 years ago, has allowed it to expand its presence in the country and become one of the biggest employers today, building on its investment and innovations and creating thousands of jobs in the process,” commented prime minister (CSV). “Private sector investment is vital for driving innovation, creating high-quality jobs and substantially contributing to the economy. The Luxembourg government is committed to ensuring Luxembourg’s competitiveness, in the interest of a modern economy as a bedrock for a strong social model.”
The consolidated accounts of Amazon EU Sàrl for 2023, published on the Luxembourg company’s register, state that consolidated net sales for 2023 amounted to $574bn (an increase of 12% compared to 2022, when consolidated net sales came to $513bn).
Amazon’s European headquarters are in Luxembourg, where business teams such as Amazon Web Services (AWS) and Amazon Stores are based. The company opened an office in the Grund in 2003, later moving to premises in the Kirchberg district, and . It employs 4,250 people in the grand duchy.