Luxembourg

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Introduction - Luxembourg:
Location - Luxembourg:
People - Luxembourg:
Government - Luxembourg:
Economy - Luxembourg:

Economy overview

This stable, high-income economy - benefiting from its proximity to France, Belgium, and Germany - features solid growth, low inflation, and low unemployment. The industrial sector, initially dominated by steel, has become increasingly diversified to include chemicals, rubber, and other products. Growth in the financial sector, which now accounts for about 28% of GDP, has more than compensated for the decline in steel. Most banks are foreign-owned and have extensive foreign dealings. Agriculture is based on small family-owned farms. The economy depends on foreign and cross-border workers for about 60% of its labor force. Although Luxembourg, like all EU members, has suffered from the global economic slump, the country enjoys an extraordinarily high standard of living - GDP per capita ranks second in the world.

Gdp purchasing power parity

$33.87 billion (2006 est.)

Gdp official exchange rate

$34.53 billion (2006 est.)

Gdp real growth rate

6.2% (2006 est.)

Gdp per capita ppp

$71,400 (2006 est.)

Gdp composition by sector

agriculture: 1%
industry: 13%
services: 86% (2005 est.)

Labor force

203,000 of whom 121,600 are foreign cross-border workers commuting primarily from France, Belgium, and Germany (2006 est.)

Labor force by occupation

agriculture: 1%
industry: 13%
services: 86% (2004 est.)

Unemployment rate

4.1% (2006 est.)

Population below poverty line

NA%

Household income or consumption by percentage share

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

Inflation rate consumer prices

2.6% (2006 est.)

Investment gross fixed

18.3% of GDP (2006 est.)

Budget

revenues: $19.07 billion
expenditures: $19.79 billion; including capital expenditures of $975.5 million (2006 est.)

Agriculture products

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

Industries

banking and financial services, iron and steel, information technology, telecommunications, cargo transportation, food processing, chemicals, metal products, engineering, tires, glass, aluminum, tourism

Industrial production growth rate

4.3% (2006 est.)

Electricity production

3.203 billion kWh (2005 est.)

Electricity consumption

6.14 billion kWh (2005 est.)

Electricity exports

2.346 billion kWh (2005 est.)

Electricity imports

5.287 billion kWh (2005 est.)

Oil production

0 bbl/day (2004 est.)

Oil consumption

62,420 bbl/day (2004 est.)

Oil exports

283 bbl/day (2004)

Oil imports

61,070 bbl/day (2004)

Oil proved reserves

0 bbl

Natural gas production

0 cu m (2004 est.)

Natural gas consumption

1.361 billion cu m (2004 est.)

Natural gas exports

0 cu m (2004 est.)

Natural gas imports

1.361 billion cu m (2004 est.)

Current account balance

$4.63 billion (2006 est.)

Exports

$19.55 billion f.o.b. (2006 est.)

Exports commodities

machinery and equipment, steel products, chemicals, rubber products, glass

Exports partners

Germany 19.3%, France 15.5%, Italy 9.5%, UK 9.5%, Belgium 8.8%, Spain 5.3%, Netherlands 4.5% (2006)

Imports

$24.22 billion c.i.f. (2006 est.)

Imports commodities

minerals, metals, foodstuffs, quality consumer goods

Imports partners

Belgium 26.3%, Germany 20.1%, China 16.7%, France 8.5%, UK 5.5%, Netherlands 4.2% (2006)

Reserves of foreign exchange and gold

$232.2 million (August 2006 est.)

Economic aid donor

ODA, $235.59 million (2004)

Debt external

$NA

Currency code

euro (EUR)
note: on 1 January 1999, the European Monetary Union introduced the euro as a common currency to be used by financial institutions of member countries; on 1 January 2002, the euro became the sole currency for everyday transactions within the member countries

Exchange rates

euros per US dollar - 0.7964 (2006), 0.8041 (2005), 0.8054 (2004), 0.886 (2003), 1.0626 (2002)

Communications - Luxembourg:
Transportation - Luxembourg:
Military - Luxembourg:
This page was last updated on 16 September, 2007
Source: CIA >>>


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