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    Luxembourg Economy - 1991

      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 to the Netherlands.

      GDP: $6.9 billion, per capita $18,000; real growth rate 2.5% (1990)

      Inflation rate (consumer prices): 3.5% (1990 est.)

      Unemployment rate: 1.3% (1990 est.)

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

      Exports: $5.4 billion (f.o.b., 1989); commodities--finished steel products, chemicals, rubber products, glass, aluminum, other industrial products; partners--EC 75%, US 5%

      Imports: $6.2 billion (c.i.f., 1989 est.); commodities--minerals, metals, foodstuffs, quality consumer goods; partners--Belgium 37%, FRG 31%, France 12%, US 2%

      External debt: $131.6 million (1989 est.)

      Industrial production: growth rate - 1% (1990 est.); accounts for 25% of GDP

      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

      Economic aid: none

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

      Exchange rates: Luxembourg francs (LuxF) per US$1--31.102 (January 1991), 33.418 (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 1991 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Luxembourg Economy 1991 information contained here. All suggestions for corrections of any errors about Luxembourg Economy 1991 should be addressed to the CIA.

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    Revised 08-Feb-03
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