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Luxembourg Economy 1996

Overview:

The stable, prosperous economy features moderate growth, low inflation, and negligible unemployment. Agriculture is based on small but highly productive family-owned farms. The industrial sector, until recently dominated by steel, has become increasingly more diversified, particularly toward high-technology firms. During the past decade, 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. Luxembourg participates in an economic union with Belgium on trade and most financial matters, is also closely connected economically to the Netherlands, and as a member of the 15-member European Union enjoys the advantages of the open European market.

National product:

GDP - purchasing power parity - $9.2 billion (1994 est.)

National product real growth rate:

2.6% (1994 est.)

National product per capita:

$22,830 (1994 est.)

Inflation rate (consumer prices):

3.6% (1992)

Unemployment rate:

2.4% (1994)

Budget:

revenues:

$4 billion

expenditures:

$4.05 billion, including capital expenditures of $NA (1994 est.)

Exports:

$6.4 billion (f.o.b., 1991 est.)

commodities:

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

partners:

EC 76%, US 5%

Imports:

$8.3 billion (c.i.f., 1991 est.)

commodities:

minerals, metals, foodstuffs, quality consumer goods

partners:

Belgium 37%, Germany 31%, France 12%, US 2%

External debt:

$800 million (1994 est.)

Industrial production:

growth rate -0.5% (1990); accounts for 25% of GDP

Electricity:

capacity:

1,238,750 kW

production:

1.374 billion kWh

consumption per capita:

3,395 kWh (1993)

Industries:

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

Agriculture:

accounts for less than 3% of GDP (including forestry); principal products - barley, oats, potatoes, wheat, fruits, wine grapes; cattle raising widespread

Economic aid:

none

Currency:

1 Luxembourg franc (LuxF) = 100 centimes

Exchange rates:

Luxembourg francs (LuxF) per US$1 - 31.549 (January 1995), 33,456 (1994), 34.597 (1993), 32.150 (1992), 34.148 (1991), 33.418 (1990); note - the Luxembourg franc is at par with the Belgian franc, which circulates freely in Luxembourg

Fiscal year:

calendar year

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