Economy - overview:
This small, stable, high-income economy - benefiting from its proximity to France, Belgium, and Germany - has historically featured 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 28% of GDP, has more than compensated for the decline in steel. Most banks are foreign owned and have extensive foreign dealings, but Luxembourg has lost some of its advantages as a tax haven because of OECD and EU pressure. The economy depends on foreign and cross-border workers for about 60% of its labor force. Luxembourg, like all EU members, suffered from the global economic crisis that began in late 2008, but unemployment has trended below the EU average. Following strong expansion from 2004 to 2007, Luxembourg's economy contracted and 3.4% in 2009, but rebounded 2.6% in 2010. The country continues to enjoy an extraordinarily high standard of living - GDP per capita ranks third in the world, after Liechtenstein and Qatar, and is the highest in the EU. Turmoil in the world financial markets and lower global demand during 2008-09 prompted the government to inject capital into the banking sector and implement stimulus measures to boost the economy. Government stimulus measures and support for the banking sector, however, led to a 5% government budget deficit in 2009, however, the deficit was cut below 3% in 2010.
GDP (purchasing power parity): GDP (official exchange rate): GDP - real growth rate: GDP - per capita (PPP): GDP - composition by sector: Labor force: Labor force - by occupation: Unemployment rate: Population below poverty line: Household income or consumption by percentage share: Distribution of family income - Gini index: Investment (gross fixed): Budget: Public debt: Inflation rate (consumer prices): Central bank discount rate: Stock of narrow money: Stock of broad money: Stock of domestic credit: Market value of publicly traded shares: Agriculture - products: Industries: Industrial production growth rate: Electricity - production: Electricity - consumption: Electricity - exports: Electricity - imports: Oil - production: Oil - consumption: Oil - exports: Oil - imports: Oil - proved reserves: Natural gas - production: Natural gas - consumption: Natural gas - exports: Natural gas - imports: Natural gas - proved reserves: Current account balance: Exports: Exports - commodities: Exports - partners: Imports: Imports - commodities: Imports - partners: Reserves of foreign exchange and gold: Debt - external: Stock of direct foreign investment - at home: Stock of direct foreign investment - abroad: Exchange rates:
NOTE: The information regarding Luxembourg on this page is re-published from the 2011 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Luxembourg Economy 2011 information contained here. All suggestions for corrections of any errors about Luxembourg Economy 2011 should be addressed to the CIA.
$40.81 billion (2010 est.)
country comparison to the world: 97
note:
data are in 2010 US dollars
[see also: GDP (purchasing power parity) country ranks ]
$52.43 billion (2009 est.)
[see also: GDP (official exchange rate) country ranks ]
3.2% (2010 est.)
country comparison to the world: 112
[see also: GDP - real growth rate country ranks ]
$81,800 (2010 est.)
country comparison to the world: 3
note:
data are in 2010 US dollars
[see also: GDP - per capita country ranks ]
agriculture: 0.4%
[see also: GDP - composition by sector - agriculture country ranks ]
industry:
13.6%
[see also: GDP - composition by sector - industry country ranks ]
services:
86% (2007 est.)
[see also: GDP - composition by sector - services country ranks ]
206,000 of whom 125,400 are foreign cross-border workers commuting primarily from France, Belgium, and Germany (2009 est.)
country comparison to the world: 167
[see also: Labor force country ranks ]
agriculture: 2.2%
[see also: Labor force - by occupation - agriculture country ranks ]
industry:
17.2%
[see also: Labor force - by occupation - industry country ranks ]
services:
80.6% (2007 est.)
[see also: Labor force - by occupation - services country ranks ]
5.5% (2010 est.)
country comparison to the world: 53
[see also: Unemployment rate country ranks ]
NA%
[see also: Population below poverty line country ranks ]
lowest 10%: 3.5%
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
highest 10%:
23.8% (2000)
[see also: Household income or consumption by percentage share - highest 10% country ranks ]
26 (2005)
country comparison to the world: 132
[see also: Distribution of family income - Gini index country ranks ]
16.8% of GDP (2009 est.)
country comparison to the world: 119
[see also: Investment (gross fixed) country ranks ]
revenues: $20.88 billion
[see also: Budget - revenues country ranks ]
expenditures:
$22.11 billion (2009 est.)
[see also: Budget - expenditures country ranks ]
16.2% of GDP (2010 est.)
country comparison to the world: 116
[see also: Public debt country ranks ]
2.1% (2010 est.)
country comparison to the world: 58
[see also: Inflation rate (consumer prices) country ranks ]
1.75% (31 December 2009)
country comparison to the world: 128
note:
this is the European Central Bank's rate on the marginal lending facility, which offers overnight credit to banks in the euro area
[see also: Central bank discount rate country ranks ]
$120.8 billion (31 December 2010 est)
note:
see entry for the European Union for money supply in the euro area; the European Central Bank (ECB) controls monetary policy for the 16 members of the Economic and Monetary Union (EMU); individual members of the EMU do not control the quantity of money circulating within their own borders
[see also: Stock of narrow money country ranks ]
$255.5 billion (31 December 2010 est.)
[see also: Stock of broad money country ranks ]
$395.1 billion (31 December 2009 est.)
country comparison to the world: 28
[see also: Stock of domestic credit country ranks ]
$105.6 billion (31 December 2009)
country comparison to the world: 46
[see also: Market value of publicly traded shares country ranks ]
grapes, barley, oats, potatoes, wheat, fruits; dairy and livestock products
banking and financial services, iron and steel, information technology, telecommunications, cargo transportation, food processing, chemicals, metal products, engineering, tires, glass, aluminum, tourism
1.7% (2007 est.)
country comparison to the world: 136
[see also: Industrial production growth rate country ranks ]
2.696 billion kWh (2007 est.)
country comparison to the world: 127
[see also: Electricity - production country ranks ]
6.525 billion kWh (2007 est.)
country comparison to the world: 103
[see also: Electricity - consumption country ranks ]
2.483 billion kWh (2008 est.)
[see also: Electricity - exports country ranks ]
6.83 billion kWh (2008 est.)
[see also: Electricity - imports country ranks ]
0 bbl/day (2009 est.)
country comparison to the world: 149
[see also: Oil - production country ranks ]
50,720 bbl/day (2009 est.)
country comparison to the world: 97
[see also: Oil - consumption country ranks ]
63 bbl/day (2008 est.)
country comparison to the world: 134
[see also: Oil - exports country ranks ]
59,210 bbl/day (2008 est.)
country comparison to the world: 79
[see also: Oil - imports country ranks ]
0 bbl (1 January 2010 est.)
country comparison to the world: 145
[see also: Oil - proved reserves country ranks ]
0 cu m (2008 est.)
country comparison to the world: 163
[see also: Natural gas - production country ranks ]
1.268 billion cu m (2009 est.)
country comparison to the world: 86
[see also: Natural gas - consumption country ranks ]
0 cu m (2008 est.)
country comparison to the world: 160
[see also: Natural gas - exports country ranks ]
1.263 billion cu m (2009 est.)
country comparison to the world: 51
[see also: Natural gas - imports country ranks ]
0 cu m (1 January 2010 est.)
country comparison to the world: 166
[see also: Natural gas - proved reserves country ranks ]
$3.396 billion (2010 est.)
country comparison to the world: 36
[see also: Current account balance country ranks ]
$17.82 billion (2010 est.)
country comparison to the world: 71
[see also: Exports country ranks ]
machinery and equipment, steel products, chemicals, rubber products, glass
Germany 19.78%, France 15.87%, Belgium 11.07%, UK 7.96%, Italy 7.49%, Netherlands 4.31% (2009)
$23.67 billion (2010 est.)
country comparison to the world: 65
[see also: Imports country ranks ]
minerals, metals, foodstuffs, quality consumer goods
Belgium 27.22%, Germany 23.14%, China 18.62%, France 8.85%, Netherlands 5.06% (2009)
$NA (31 December 2010 est.)
[see also: Reserves of foreign exchange and gold country ranks ]
$1.892 trillion (30 June 2010)
country comparison to the world: 11
[see also: Debt - external country ranks ]
$NA (31 December 2009 est.)
[see also: Stock of direct foreign investment - at home country ranks ]
$NA
[see also: Stock of direct foreign investment - abroad country ranks ]
euros (EUR) per US dollar - 0.7715 (2010), 0.7179 (2009), 0.6827 (2008), 0.7345 (2007), 0.7964 (2006)
This page was last modified 09-Feb-11