Economy - overview:
This stable, high-income economy 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 22% 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 trans-border workers for more than 30% of its labor force. Although Luxembourg, like all EU members, has suffered from the global economic slump, the country has maintained a fairly strong growth rate.
GDP:
purchasing power parity - $20 billion (2002 est.)
GDP - real growth rate:
2.3% (2002 est.)
GDP - per capita:
purchasing power parity - $44,000 (2002 est.)
GDP - composition by sector:
agriculture: 1%
industry: 30%
services: 69% (2000 est.)
Population below poverty line:
NA%
Household income or consumption by percentage share:
lowest 10%: NA%
highest 10%: NA%
Inflation rate (consumer prices):
1.6% (2002 est.)
Labor force:
262,300 (of whom 87,400 are foreign cross-border workers primarily from France, Belgium, and Germany) (2000)
Labor force - by occupation:
services 90.1%, industry 8%, agriculture 1.9% (1999 est.)
Unemployment rate:
4.1% (2002 est.)
Budget:
revenues: $5.5 billion
expenditures: $5.5 billion, including capital expenditures of $760 million (2002 est.)
Industries:
banking, iron and steel, food processing, chemicals, metal products, engineering, tires, glass, aluminum
Industrial production growth rate:
0% (2002 est.)
Electricity - production:
457 million kWh (2001)
Electricity - production by source:
fossil fuel: 57.3%
hydro: 25.2%
other: 17.5% (2001)
nuclear: 0%
Electricity - consumption:
6.07 billion kWh (2001)
Electricity - exports:
744 million kWh (2001)
Electricity - imports:
6.389 billion kWh (2001)
Oil - production:
0 bbl/day (2001 est.)
Oil - consumption:
50,650 bbl/day (2001 est.)
Oil - exports:
634 bbl/day (2001)
Oil - imports:
50,700 bbl/day (2001)
Agriculture - products:
barley, oats, potatoes, wheat, fruits, wine grapes; livestock products
Exports:
$10.1 billion f.o.b. (2002)
Exports - commodities:
machinery and equipment, steel products, chemicals, rubber products, glass
Exports - partners:
EU 85.6% (Germany 23.3%, France 20.1%, Belgium 10.5%), US 2.6% (2002)
Imports:
$13.25 billion c.i.f. (2002)
Imports - commodities:
minerals, metals, foodstuffs, quality consumer goods
Imports - partners:
EU 78.6% (Belgium 28.5%, Germany 22.0%, France 13.2%), US 3.9% (2002)
Debt - external:
$NA
Economic aid - donor:
ODA, $160 million (1999)
Currency:
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
Currency code:
EUR
Exchange rates:
euros per US dollar - 1.0626 (2002), 1.1175 (2001), 1.0854 (2000), 0.9386 (1999)
Fiscal year:
calendar year
NOTE: The information regarding Luxembourg on this page is re-published from the 2003 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Guinea Geography 2003 information contained here. All suggestions for corrections of any errors about Luxembourg Economy 2003 should be addressed to the CIA.
