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    Luxembourg Economy - 1989

      Overview: Luxembourg enjoys a degree of economic prosperity almost unique among industrialized democracies. The economy is stable and enjoys modest growth, near zero inflation, and negligible unemployment. Agriculture is based on small but highly productive family-owned farms, and the industrial sector, until recently dominated by steel, has become increasingly more diversified, particularly toward high-technology firms. During the past decade the financial sector's growth has more than compensated for the declining steel industry. 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.

      GDP: $4.9 billion, per capita $13,380; real growth rate 3.0% (1988 est.)

      Inflation rate (consumer prices): 0% (1988)

      Unemployment rate: 1.5% (1988 est.)

      Budget: revenues $1.8 billion; expenditures $1.8 billion, including capital expenditures of NA (1986)

      Exports: $2.81 billion (f.o.b., 1985); @m5commodities--finished steel products, chemicals, rubber products, glass, aluminum, other industrial products; @m5partners--EC 75%, US 6%

      Imports: $3.1 billion (c.i.f., 1985); @m5commodities--minerals, metals, foodstuffs, quality consumer goods; @m5partners--FRG 40%, Belgium 35%, France 15%, US 3%

      External debt: NA

      Industrial production: growth rate 0% (1987)

      Electricity: 1,497,000 kW capacity; 1,108 million kWh produced, 3,030 kWh per capita (1988)

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

      Agriculture: mixed farming, dairy products, wine

      Aid: NA

      Currency: Luxembourg franc (plural--francs); 1 Luxembourg franc (LuxF) = 100 centimes

      Exchange rates: Luxembourg francs (LuxF) per US$1--38.349 (January 1989), 36.768 (1988), 37.334 (1987), 44.672 (1986), 59.378 (1985); the Luxembourg franc is at par with the Belgian franc, which circulates freely in Luxembourg

      Fiscal year: calendar year

      NOTE: The information regarding Luxembourg on this page is re-published from the 1989 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Luxembourg Economy 1989 information contained here. All suggestions for corrections of any errors about Luxembourg Economy 1989 should be addressed to the CIA.

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    Revised 15-Apr-03
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