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 and enjoys an extraordinarily high standard of living. |
| GDP: | purchasing power parity - $25.01 billion (2004 est.) |
| GDP - real growth rate: | 1.2% (2004 est.) |
| GDP - per capita: | purchasing power parity - $55,100 (2004 est.) |
| GDP - composition by sector: | agriculture: 0.5%
industry: 16.6%
services: 82.9% (2002 est.) |
| Investment (gross fixed): | 20.7% of GDP (2004 est.) |
| Population below poverty line: | NA |
| Household income or consumption by percentage share: | lowest 10%: NA
highest 10%: NA |
| Inflation rate (consumer prices): | 2% (2004 est.) |
| Labor force: | 200,000 (of whom 87,400 are foreign cross-border workers primarily from France, Belgium, and Germany) (2004 est.) |
| Labor force - by occupation: | agriculture 1.9%, industry 8%, services 90.1% (1999 est.) |
| Unemployment rate: | 3.6% (2004 est.) |
| Budget: | revenues: $11.82 billion
expenditures: $12.06 billion, including capital expenditures of $760 million (2004 est.) |
| Agriculture - products: | barley, oats, potatoes, wheat, fruits, wine grapes; livestock products |
| Industries: | banking, iron and steel, food processing, chemicals, metal products, engineering, tires, glass, aluminum |
| Industrial production growth rate: | 1.7% (2004 est.) |
| Electricity - production: | 457 million kWh (2001) |
| 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) |
| Natural gas - production: | 0 cu m (2001 est.) |
| Natural gas - consumption: | 865 million cu m (2001 est.) |
| Natural gas - exports: | 0 cu m (2001 est.) |
| Natural gas - imports: | 867 million cu m (2001 est.) |
| Exports: | $8.571 billion f.o.b. (2002) |
| Exports - commodities: | machinery and equipment, steel products, chemicals, rubber products, glass |
| Exports - partners: | Germany 23.3%, France 19%, Belgium 10.4%, UK 9.1%, Italy 6.8%, Spain 4.6%, Netherlands 4.3% (2003) |
| Imports: | $11.61 billion c.i.f. (2002) |
| Imports - commodities: | minerals, metals, foodstuffs, quality consumer goods |
| Imports - partners: | Belgium 29%, Germany 22.9%, France 11.4%, China 10.9%, Netherlands 4.8% (2003) |
| Debt - external: | NA |
| Economic aid - donor: | ODA, $147 million (2002) |
| 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 - 0.886 (2003), 1.0626 (2002), 1.1175 (2001), 1.0854 (2000), 0.9386 (1999) |
| Fiscal year: | calendar year
Source: CIA World Factbook
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