Overview: The stable 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 and is also closely connected economically with the Netherlands.

GDP: $6.3 billion, per capita $17,200; real growth rate 4% (1989 est.)

Inflation rate (consumer prices): 3.0% (1989 est.)

Unemployment rate: 1.6% (1989 est.)

Budget: revenues $2.5 billion; expenditures $2.3 billion, including capital expenditures of NA (1988)

Exports: $4.7 billion (f.o.b., 1988); commodities--finished steel products, chemicals, rubber products, glass, aluminum, other industrial products; partners--EC 75%, US 6%

Imports: $5.9 billion (c.i.f., 1988 est.); commodities--minerals, metals, foodstuffs, quality consumer goods; partners--FRG 40%, Belgium 35%, France 15%, US 3%

External debt: $131.6 million (1989 est.)

Industrial production: growth rate 5% (1989 est.)

Electricity: 1,500,000 kW capacity; 1,163 million kWh produced, 3,170 kWh per capita (1989)

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

Aid: none

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

Exchange rates: Luxembourg francs (LuxF) per US$1--35.468 (January 1990), 39.404 (1989), 36.768 (1988), 37.334 (1987), 44.672 (1986), 59.378 (1985); note--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 1990 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Luxembourg Economy 1990 information contained here. All suggestions for corrections of any errors about Luxembourg Economy 1990 should be addressed to the CIA.