Luxembourg Economy - 2024

Economic overview

high-income, EU-member European economy; global financial and information storage leader; high government spending; one of highest GDP per capita countries; unique audit accountancy based on company sizing; aging labor force; hit by COVID-19

Real GDP (purchasing power parity)

$74.045 billion (2021 est.)
$70.45 billion (2020 est.)
$71.016 billion (2019 est.)

note: data are in 2017 dollars

Real GDP growth rate

5.1% (2021 est.)
-0.8% (2020 est.)
2.32% (2019 est.)

Real GDP per capita

$115,700 (2021 est.)
$111,800 (2020 est.)
$114,500 (2019 est.)

note: data are in 2017 dollars

GDP (official exchange rate)

$71.089 billion (2019 est.)

Inflation rate (consumer prices)

2.53% (2021 est.)
0.82% (2020 est.)
1.74% (2019 est.)

Credit ratings

Fitch rating: AAA (1994)

Moody's rating: Aaa (1989)

Standard & Poors rating: AAA (1994)

note: The year refers to the year in which the current credit rating was first obtained.

GDP - composition, by sector of origin

agriculture: 0.3% (2017 est.)

industry: 12.8% (2017 est.)

services: 86.9% (2017 est.)

GDP - composition, by end use

household consumption: 30.2% (2017 est.)

government consumption: 16.5% (2017 est.)

investment in fixed capital: 16.2% (2017 est.)

investment in inventories: 1.1% (2017 est.)

exports of goods and services: 230% (2017 est.)

imports of goods and services: -194% (2017 est.)

Agricultural products

milk, wheat, barley, triticale, potatoes, pork, beef, grapes, rapeseed, oats

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

2.87% (2021 est.)

Labor force

333,900 (2021 est.)

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

Unemployment rate

5.23% (2021 est.)
6.77% (2020 est.)
5.59% (2019 est.)

Youth unemployment rate (ages 15-24)

total: 15.2% (2021 est.)

male: 16.3%

female: 14.1%

Population below poverty line

17.5% (2018 est.)

Gini Index coefficient - distribution of family income

34.2 (2019 est.)

Household income or consumption by percentage share

lowest 10%: 3.5%

highest 10%: 23.8% (2000)

Remittances

2.66% of GDP (2021 est.)
2.96% of GDP (2020 est.)
2.92% of GDP (2019 est.)

Budget

revenues: $31.74 billion (2019 est.)

expenditures: $30.014 billion (2019 est.)

Budget surplus (+) or deficit (-)

1.5% (of GDP) (2017 est.)

Public debt

23% of GDP (2017 est.)
20.8% of GDP (2016 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 intragovernmental debt; intragovernmental debt consists of treasury borrowings from surpluses in the social funds, such as for retirement, medical care, and unemployment; debt instruments for the social funds are not sold at public auctions

Taxes and other revenues

25.13% (of GDP) (2020 est.)

Fiscal year

calendar year

Current account balance

$4.141 billion (2021 est.)
$3.496 billion (2020 est.)
$2.459 billion (2019 est.)

Exports

$177.831 billion (2021 est.) note: data are in current year dollars
$145.417 billion (2020 est.) note: data are in current year dollars
$139.559 billion (2019 est.) note: data are in current year dollars

Exports - partners

Germany 23%, France 13%, Belgium 12%, Netherlands 6%, Italy 5% (2019)

Exports - commodities

iron products, cars and vehicle parts, tires, gas turbines, adhesive plastics (2021)

Imports

$148.15 billion (2021 est.) note: data are in current year dollars
$121.328 billion (2020 est.) note: data are in current year dollars
$116.803 billion (2019 est.) note: data are in current year dollars

Imports - partners

Belgium 27%, Germany 24%, France 11%, Netherlands 5% (2019)

Imports - commodities

cars, refined petroleum, broadcasting equipment, scrap iron, aircraft (2019)

Reserves of foreign exchange and gold

$2.921 billion (31 December 2021 est.)
$1.119 billion (31 December 2020 est.)
$1.055 billion (31 December 2019 est.)

Debt - external

$4,266,792,000,000 (2019 est.)
$4,581,617,000,000 (2018 est.)

Exchange rates

euros (EUR) per US dollar -

Exchange rates:
0.845 (2021 est.)
0.876 (2020 est.)
0.893 (2019 est.)
0.847 (2018 est.)
0.885 (2017 est.)