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.

purchasing power parity - $14.7 billion (1999 est.)

4.2% (1999 est.)

purchasing power parity - $34,200 (1999 est.)

agriculture: 1%
industry: 23%
services: 76% (1999 est.)

NA%

lowest 10%: NA%
highest 10%: NA%

1.1% (1999 est.)

236,400 (one-third of labor force is foreign workers,
mostly from Portugal, Italy, France, Belgium, and Germany) (1998 est.)

services 83.2%, industry 14.3%,
agriculture 2.5% (1998 est.)

2.7% (1999 est.)

revenues: $4.73 billion
expenditures: $4.71 billion, including capital expenditures of $NA
(2000 est.)

banking, iron and steel, food processing, chemicals, metal
products, engineering, tires, glass, aluminum

1.6% (1999 est.)

382 million kWh (1998)

fossil fuel: 60.73%
hydro: 24.86%
nuclear: 0%
other: 14.41% (1998)

5.856 billion kWh (1998)

900 million kWh (1998)

6.4 billion kWh (1998)

barley, oats, potatoes, wheat, fruits, wine
grapes; livestock products

$7.5 billion (f.o.b., 1998)

finished steel products, chemicals, rubber
products, glass, aluminum, other industrial products

Germany 33%, France 20%, Belgium 12%, UK 6%, US
5%, Netherlands 4% (1998)

$9.6 billion (c.i.f., 1998)

minerals, metals, foodstuffs, quality consumer
goods

Belgium 36%, Germany 27%, France 12%, Netherlands
5%, US 4% (1998)

$NA

ODA, $160 million (1999)

1 Luxembourg franc (LuxF) = 100 centimes; note - centimes no
longer in use

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

calendar year