Economy - overviewThis 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. Agriculture is based on small family-owned farms. The economy depends on foreign and cross-border workers for about 60% of its labor force. Although Luxembourg, like all EU members, suffered from the global economic slump in the early part of this decade, the country continues to enjoy an extraordinarily high standard of living - GDP per capita ranks third in the world, after Liechtenstein and Qatar. After two years of strong economic growth in 2006-07, turmoil in the world financial markets trimmed Luxembourg's economy in 2008. GDP (purchasing power parity)$39.37 billion (2008 est.) GDP (official exchange rate)$54.97 billion (2008 est.) GDP - real growth rate-0.9% (2008 est.) GDP - per capita (PPP)$81,000 (2008 est.) GDP - composition by sectoragriculture: 0.4% Population below poverty lineNA% Labor force207,100 of whom 125,400 are foreign cross-border workers commuting primarily from France, Belgium, and Germany (2008 est.) Labor force - by occupationagriculture: 2.2% Unemployment rate4.5% (2008 est.) Household income or consumption by percentage sharelowest 10%: 3.5% Distribution of family income - Gini index26 (2005) Investment (gross fixed)20.2% of GDP (2008 est.) Budgetrevenues: $22.42 billion Public debt10.2% of GDP (2008 est.) Inflation rate (consumer prices)3.4% (2008 est.) Central bank discount rate3% (31 December 2008) Stock of money$NA Stock of quasi money
Stock of domestic credit$100.8 billion (31 December 2008) Industriesbanking and financial services, iron and steel, information technology, telecommunications, cargo transportation, food processing, chemicals, metal products, engineering, tires, glass, aluminum, tourism Industrial production growth rate1.7% (2007 est.) Electricity - production3.01 billion kWh (2007 est.) Electricity - production by sourcefossil fuel: 57.3% Electricity - consumption6.748 billion kWh (2006 est.) Electricity - exports2.887 billion kWh (2007 est.) Electricity - imports6.847 billion kWh (2007 est.) Oil - production0 bbl/day (2007 est.) Oil - consumption60,640 bbl/day (2007 est.) Oil - imports63,760 bbl/day (2005) Oil - exports281.5 bbl/day (2005) Oil - proved reserves0 bbl (1 January 2006 est.) Natural gas - production0 cu m (2007 est.) Natural gas - consumption1.329 billion cu m (2007 est.) Natural gas - exports0 cu m (2007 est.) Natural gas - imports1.329 billion cu m (2007 est.) Natural gas - proved reserves0 cu m (1 January 2006 est.) Current Account Balance$2.979 billion (2008 est.) Agriculture - productswine, grapes, barley, oats, potatoes, wheat, fruits; dairy products, livestock products Exports$21.43 billion (2008 est.) Exports - commoditiesmachinery and equipment, steel products, chemicals, rubber products, glass Exports - partnersGermany 21.7%, France 17.3%, Belgium 10%, Italy 6.9%, UK 6.5%, Netherlands 6%, Spain 5% (2008) Imports$27.73 billion (2008 est.) Imports - commoditiesminerals, metals, foodstuffs, quality consumer goods Imports - partnersBelgium 28.1%, Germany 23.8%, China 18.8%, France 10%, Netherlands 4.9% (2008) Reserves of foreign exchange and gold$398 million (31 December 2008 est.) Debt - external$1.933 trillion (31 December 2008) Stock of direct foreign investment - at home$11.21 billion (31 December 2008 est.) Stock of direct foreign investment - abroad$NA Market value of publicly traded shares$NA (31 December 2008) Economic aid - donorODA, $291 million (2006) Currency (code)EUR Currency (code)euro (EUR) Exchange rateseuros (EUR) per US dollar - 0.6827 (2008 est.), 0.7345 (2007), 0.7964 (2006), 0.8041 (2005), 0.8054 (2004) Fiscal yearcalendar year |
|
|
Source: CIA World Factbook | |