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Luxembourg Economy 2017
https://theodora.com/wfbcurrent/luxembourg/luxembourg_economy.html
SOURCE: 2017 CIA WORLD FACTBOOK AND OTHER SOURCES











Luxembourg Economy 2017
SOURCE: 2017 CIA WORLD FACTBOOK AND OTHER SOURCES


Page last updated on January 12, 2017

Economy - overview:
This small, stable, high-income economy has historically featured solid growth, low inflation, and low unemployment. The industrial sector, initially dominated by steel, has become increasingly diversified to include chemicals, machinery and equipment, rubber, automotive components, and other products. The financial sector, which accounts for about 36% of GDP, is the leading sector in the economy. The economy depends on foreign and cross-border workers for about 39% of its labor force.Luxembourg experienced uneven economic growth in the aftermath of the global economic crisis that began in late 2008. Luxembourg's GDP contracted 3.6% in 2009, rebounded in 2010-12, fell again in 2013-14, but recovered in 2015. Unemployment has remained below the EU average despite having increased from a historically low rate of 4% in the 2000s to 7.1% in 2014.The country continues to enjoy an extraordinarily high standard of living - GDP per capita ranks among the highest in the world and is the highest in the euro zone. Luxembourg has one of the highest current account surpluses as a share of GDP in the euro zone, and it maintains a healthy budgetary position and the lowest public debt level in the region.Luxembourg has lost some of its advantage as a favorable tax location because of OECD and EU pressure. In 2015, the government’s compliance with EU requirements to implement automatic exchange of tax information on savings accounts - thus ending banking secrecy - has depressed banking activity and dampened GDP growth. Likewise, changes to the way EU members collect taxes from e-commerce has cut Luxembourg’s tax revenues, requiring the government to raise additional levies and to reduce some direct social benefits.

GDP (purchasing power parity):
$58.74 billion (2016 est.) $56.75 billion (2015 est.) $54.13 billion (2014 est.)
note: data are in 2016 dollars
country comparison to the world: 107
[see also: GDP country ranks ]

GDP (official exchange rate):
$60.98 billion (2015 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
3.5% (2016 est.) 4.8% (2015 est.) 4.1% (2014 est.)
country comparison to the world: 75
[see also: GDP - real growth rate country ranks ]

GDP - per capita:
$102,000 (2016 est.) $100,800 (2015 est.) $98,400 (2014 est.)
note: data are in 2016 dollars
country comparison to the world: 2
[see also: GDP - per capita country ranks ]

Gross national saving:
23% of GDP (2016 est.) 23.3% of GDP (2015 est.) 24.8% of GDP (2014 est.)
country comparison to the world: 59
[see also: Gross national saving country ranks ]

GDP - composition, by end use:
household consumption: 27.9%
[see also: GDP - composition, by end use - household consumption country ranks ]
government consumption: 16.4%
[see also: GDP - composition, by end use - government consumption country ranks ]
investment in fixed capital: 17.5%
[see also: GDP - composition, by end use - investment in fixed capital country ranks ]
investment in inventories: 0.2%
[see also: GDP - composition, by end use - investment in inventories country ranks ]
exports of goods and services: 210.3%
[see also: GDP - composition, by end use - exports of goods and services country ranks ]
imports of goods and services: -172.3% (2016 est.)
[see also: GDP - composition, by end use - imports of goods and services country ranks ]

GDP - composition, by sector of origin:
agriculture: 0.2%
[see also: GDP - composition, by sector of origin - agriculture country ranks ]
industry: 11.1%
[see also: GDP - composition, by sector of origin - industry country ranks ]
services: 88.7% (2016 est.)
[see also: GDP - composition, by sector of origin - services country ranks ]

Agriculture - products:
grapes, barley, oats, potatoes, wheat, fruits; dairy and livestock products

Industries:
banking and financial services, construction, real estate services, iron, metals, and steel, information technology, telecommunications, cargo transportation and logistics, chemicals, engineering, tires, glass, aluminum, tourism, biotechnology

Industrial production growth rate:
1.7% (2016 est.)
country comparison to the world: 119
[see also: Industrial production growth rate country ranks ]

Labor force:
272,000
note: data exclude foreign workers; in addition to the figure for domestic labor force, about 150,000 workers commute daily from France, Belgium, and Germany (2016 est.)
country comparison to the world: 164
[see also: Labor force country ranks ]

Labor force - by occupation:
agriculture: 1.1%
[see also: Labor force - by occupation - agriculture country ranks ]
industry: 20%
[see also: Labor force - by occupation - industry country ranks ]
services: 78.9% (2013 est.)
[see also: Labor force - by occupation - services country ranks ]

Unemployment rate:
6.7% (2016 est.) 6.9% (2015 est.)
country comparison to the world: 78
[see also: Unemployment rate country ranks ]

Population below poverty line:
NA%
[see also: Population below poverty line country ranks ]

Household income or consumption by percentage share:
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 ]

Distribution of family income - Gini index:
30.4 (2013 est.) 26 (2005 est.)
country comparison to the world: 118
[see also: Distribution of family income - Gini index country ranks ]

Budget:
revenues: $25.85 billion
[see also: Budget revenues country ranks ]
expenditures: $25.52 billion (2016 est.)
[see also: Budget expenditures country ranks ]

Taxes and other revenues:
42.4% of GDP (2016 est.)
country comparison to the world: 33
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
0.5% of GDP (2016 est.)
country comparison to the world: 24
[see also: Budget surplus (+) or deficit (-) country ranks ]

Public debt:
21.4% of GDP (2016 est.) 21.4% of GDP (2015 est.)
note: data cover general government debt and include debt instruments issued (or owned) by government entities other than the treasury; the data include treasury debt held by foreign entities; the data include debt issued by subnational entities, as well as int
country comparison to the world: 161
[see also: Public debt country ranks ]

Fiscal year:
calendar year

Inflation rate (consumer prices):
-0.1% (2016 est.) 0.1% (2015 est.)
country comparison to the world: 32
[see also: Inflation rate (consumer prices) country ranks ]

Central bank discount rate:
0.05% (31 December 2013) 0.3% (31 December 2010)
note: this is the European Central Bank's rate on the marginal lending facility, which offers overnight credit to banks in the euro area
country comparison to the world: 142
[see also: Central bank discount rate country ranks ]

Stock of narrow money:
$232.6 billion (31 December 2016 est.) $218.4 billion (31 December 2015 est.)
note: see entry for the EU for money supply for the entire euro area; the European Central Bank (ECB) controls monetary policy for the 18 members of the Economic and Monetary Union (EMU); individual members of the EMU do not control the quantity of money circul
country comparison to the world: 19
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$281.4 billion (31 December 2016 est.) $271 billion (31 December 2015 est.)
country comparison to the world: 37
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$110.5 billion (31 December 2016 est.) $108.5 billion (31 December 2015 est.)
country comparison to the world: 52
[see also: Stock of domestic credit country ranks ]

Market value of publicly traded shares:
$47.13 billion (31 December 2015 est.) $63.17 billion (31 December 2014 est.) $78.64 billion (31 December 2013 est.)
country comparison to the world: 54
[see also: Market value of publicly traded shares country ranks ]

Current account balance:
$2.711 billion (2016 est.) $3.189 billion (2015 est.)
country comparison to the world: 30
[see also: Current account balance country ranks ]

Exports:
$17.1 billion (2016 est.) $17.81 billion (2015 est.)
country comparison to the world: 70
[see also: Exports country ranks ]

Exports - commodities:
machinery and equipment, steel products, chemicals, rubber products, glass

Exports - partners:
Germany 22.1%, Belgium 16.7%, France 16.6%, UK 4.7%, Italy 4.6%, Netherlands 4% (2015)

Imports:
$18.33 billion (2016 est.) $20.22 billion (2015 est.)
country comparison to the world: 74
[see also: Imports country ranks ]

Imports - commodities:
commercial aircraft, minerals, chemicals, metals, foodstuffs, luxury consumer goods

Imports - partners:
Belgium 27.6%, Germany 22.9%, China 11.7%, France 9.5%, US 8.4%, Netherlands 4.2%, Mexico 4.1% (2015)

Reserves of foreign exchange and gold:
$1 billion (31 December 2016 est.) $771 million (31 December 2015 est.)
country comparison to the world: 127
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$3.781 trillion (31 March 2016 est.) $3.806 trillion (31 March 2015 est.)
country comparison to the world: 7
[see also: Debt - external country ranks ]

Stock of direct foreign investment - at home:
$NA $11.21 billion (31 December 2008 est.)
[see also: Stock of direct foreign investment - at home country ranks ]

Stock of direct foreign investment - abroad:
$NA
[see also: Stock of direct foreign investment - abroad country ranks ]

Exchange rates:
euros (EUR) per US dollar - 0.9214 (2016 est.) 0.885 (2015 est.) 0.885 (2014 est.) 0.7634 (2013 est.) 0.78 (2012 est.)


NOTE: The information regarding Luxembourg on this page is re-published from the 2017 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Luxembourg Economy 2017 information contained here. All suggestions for corrections of any errors about Luxembourg Economy 2017 should be addressed to the CIA.




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