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Luxembourg Economy: from the All Country Info reference guide to country facts

Luxembourg Economy

Luxembourg Economy: A summary of information about Luxembourg Economy, from government research data as well as independent research and other sources.

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Luxembourg: Economy

Economy - overview
The stable, high-income economy features moderate
growth, low inflation, and low unemployment. The industrial sector,
until recently dominated by steel, has become increasingly more
diversified to include chemicals, rubber, and other products. During
the past decades, growth in the financial sector has more than
compensated for the decline in steel. Services, especially banking,
account for a growing proportion of the economy. Agriculture is based
on small family-owned farms. Luxembourg has especially close trade and
financial ties to Belgium and the Netherlands, and as a member of the
EU, enjoys the advantages of the open European market. It joined with
10 other EU members to launch the euro on 1 January 1999.
GDP
purchasing power parity - $14.7 billion (1999 est.)
GDP - real growth rate
4.2% (1999 est.)
GDP - per capita
purchasing power parity - $34,200 (1999 est.)
GDP - composition by sector
agriculture: 1%
industry: 23%
services: 76% (1999 est.)
Population below poverty line
NA%
Household income or consumption by percentage share
lowest 10%: NA%
highest 10%: NA%
Inflation rate (consumer prices)
1.1% (1999 est.)
Labor force
236,400 (one-third of labor force is foreign workers,
mostly from Portugal, Italy, France, Belgium, and Germany) (1998 est.)
Labor force - by occupation
services 83.2%, industry 14.3%,
agriculture 2.5% (1998 est.)
Unemployment rate
2.7% (1999 est.)
Budget
revenues: $4.73 billion
expenditures: $4.71 billion, including capital expenditures of $NA
(2000 est.)
Industries
banking, iron and steel, food processing, chemicals, metal
products, engineering, tires, glass, aluminum
Industrial production growth rate
1.6% (1999 est.)
Electricity - production
382 million kWh (1998)
Electricity - production by source
fossil fuel: 60.73%
hydro: 24.86%
nuclear: 0%
other: 14.41% (1998)
Electricity - consumption
5.856 billion kWh (1998)
Electricity - exports
900 million kWh (1998)
Electricity - imports
6.4 billion kWh (1998)
Agriculture - products
barley, oats, potatoes, wheat, fruits, wine
grapes; livestock products
Exports
$7.5 billion (f.o.b., 1998)
Exports - commodities
finished steel products, chemicals, rubber
products, glass, aluminum, other industrial products
Exports - partners
Germany 33%, France 20%, Belgium 12%, UK 6%, US
5%, Netherlands 4% (1998)
Imports
$9.6 billion (c.i.f., 1998)
Imports - commodities
minerals, metals, foodstuffs, quality consumer
goods
Imports - partners
Belgium 36%, Germany 27%, France 12%, Netherlands
5%, US 4% (1998)
Debt - external
$NA
Economic aid - donor
ODA, $160 million (1999)
Currency
1 Luxembourg franc (LuxF) = 100 centimes; note - centimes no
longer in use
Exchange rates
euros per US$1 - 0.9867 (January 2000), 0.9386 (1999);
Luxembourg francs (LuxF) per US$1 - 34.77 (January 1999), 36.299
(1998), 35.774 (1997), 30.962 (1996), 29.480 (1995); note - the
Luxembourg franc is at par with the Belgian franc, which circulates
freely in Luxembourg
note: on 1 January 1999, the EU introduced a common currency that is
now being used by financial institutions in some member countries at a
fixed rate of 40.3399 francs per euro; the euro will replace the local
currency in consenting countries for all transactions in 2002
Fiscal year
calendar year
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