Luxembourg - Imports of goods and services (% of GDP)

Imports of goods and services (% of GDP) in Luxembourg was 171.60 as of 2020. Its highest value over the past 50 years was 174.62 in 2019, while its lowest value was 71.05 in 1970.

Definition: Imports of goods and services represent the value of all goods and other market services received from the rest of the world. They include the value of merchandise, freight, insurance, transport, travel, royalties, license fees, and other services, such as communication, construction, financial, information, business, personal, and government services. They exclude compensation of employees and investment income (formerly called factor services) and transfer payments.

Source: World Bank national accounts data, and OECD National Accounts data files.

See also:

Year Value
1970 71.05
1971 79.18
1972 72.00
1973 71.86
1974 76.39
1975 82.67
1976 77.18
1977 77.63
1978 77.25
1979 81.47
1980 83.70
1981 83.98
1982 85.03
1983 84.47
1984 93.23
1985 97.01
1986 88.27
1987 89.96
1988 89.88
1989 89.20
1990 88.10
1991 89.06
1992 83.95
1993 82.54
1994 83.65
1995 85.07
1996 87.66
1997 95.87
1998 108.87
1999 109.99
2000 124.77
2001 124.56
2002 114.33
2003 112.13
2004 121.49
2005 130.25
2006 138.14
2007 137.91
2008 130.72
2009 115.61
2010 130.96
2011 139.23
2012 140.58
2013 144.15
2014 150.65
2015 159.30
2016 157.34
2017 161.05
2018 163.71
2019 174.62
2020 171.60

Limitations and Exceptions: Because policymakers have tended to focus on fostering the growth of output, and because data on production are easier to collect than data on spending, many countries generate their primary estimate of GDP using the production approach. Moreover, many countries do not estimate all the components of national expenditures but instead derive some of the main aggregates indirectly using GDP (based on the production approach) as the control total. Data on exports and imports are compiled from customs reports and balance of payments data. Although the data from the payments side provide reasonably reliable records of cross-border transactions, they may not adhere strictly to the appropriate definitions of valuation and timing used in the balance of payments or corresponds to the change-of ownership criterion. This issue has assumed greater significance with the increasing globalization of international business. Neither customs nor balance of payments data usually capture the illegal transactions that occur in many countries. Goods carried by travelers across borders in legal but unreported shuttle trade may further distort trade statistics.

Statistical Concept and Methodology: Gross domestic product (GDP) from the expenditure side is made up of household final consumption expenditure, general government final consumption expenditure, gross capital formation (private and public investment in fixed assets, changes in inventories, and net acquisitions of valuables), and net exports (exports minus imports) of goods and services. Such expenditures are recorded in purchaser prices and include net taxes on products.

Aggregation method: Weighted average

Periodicity: Annual

Classification

Topic: Economic Policy & Debt Indicators

Sub-Topic: National accounts