Economy - overview:
This small, 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, but Luxembourg has lost some of its advantages as a tax haven because of OECD and EU pressure. The economy depends on foreign and cross-border workers for about 60% of its labor force. Luxembourg, like all EU members, suffered from the global economic crisis that began in late 2008, but unemployment has trended below the EU average. Following strong expansion from 2004 to 2007, Luxembourg's economy contracted 3.6% in 2009, but rebounded in 2010-11. 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. Turmoil in the world financial markets and lower global demand during 2008-09 prompted the government to inject capital into the banking sector and implement stimulus measures to boost the economy. Government stimulus measures and support for the banking sector, however, led to a 5% government budget deficit in 2009. Nevertheless, the deficit was cut to 1.1% in 2011. Even during the financial crisis and recovery, Luxembourg retained the highest current account surplus as a share of GDP in the euro zone, owing largely to their strength in financial services. Public debt remains among the lowest of the region although it has more than doubled since 2007 as percentage of GDP.
GDP (purchasing power parity): GDP (official exchange rate): GDP - real growth rate: GDP - per capita (PPP): GDP - composition by sector: Labor force: Labor force - by occupation: Unemployment rate: Population below poverty line: Household income or consumption by percentage share: Distribution of family income - Gini index: Investment (gross fixed): Budget: Taxes and other revenues: Budget surplus (+) or deficit (-): Public debt: Inflation rate (consumer prices): Central bank discount rate: Commercial bank prime lending rate: Stock of narrow money: Stock of broad money: Stock of domestic credit: Market value of publicly traded shares: Agriculture - products: Industries: Industrial production growth rate: Electricity - production: Electricity - consumption: Electricity - exports: Electricity - imports: Oil - production: Oil - consumption: Oil - exports: Oil - imports: Natural gas - production: Natural gas - consumption: Natural gas - exports: Natural gas - imports: Natural gas - proved reserves: Current account balance: Exports: Exports - commodities: Exports - partners: Imports: Imports - commodities: Imports - partners: Reserves of foreign exchange and gold: Debt - external: Stock of direct foreign investment - at home: Stock of direct foreign investment - abroad: Exchange rates:
NOTE: 1) The information regarding Luxembourg on this page is re-published from the 2012 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Luxembourg Economy 2012 information contained here. All suggestions for corrections of any errors about Luxembourg Economy 2012 should be addressed to the CIA.
$43.55 billion (2011 est.)
country comparison to the world: 97
note: data are in 2011 US dollars
[see also: GDP country ranks ]
$62.9 billion (2011 est.)
[see also: GDP (official exchange rate) country ranks ]
3.6% (2011 est.)
country comparison to the world: 111
[see also: GDP - real growth rate country ranks ]
$84,700 (2011 est.)
country comparison to the world: 3
note: data are in 2011 US dollars
[see also: GDP - per capita country ranks ]
agriculture: 0.4%
[see also: GDP - composition by sector - agriculture country ranks ]
industry: 13.6%
[see also: GDP - composition by sector - industry country ranks ]
services: 86% (2007 est.)
[see also: GDP - composition by sector - services country ranks ]
207,500
country comparison to the world: 168
note: 125,400 workers commute daily from France, Belgium, and Germany (2011 est.)
[see also: Labor force country ranks ]
agriculture: 2.2%
[see also: Labor force - by occupation - agriculture country ranks ]
industry: 17.2%
[see also: Labor force - by occupation - industry country ranks ]
services: 80.6% (2007 est.)
[see also: Labor force - by occupation - services country ranks ]
6% (2011 est.)
country comparison to the world: 59
[see also: Unemployment rate country ranks ]
NA%
[see also: Population below poverty line country ranks ]
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 ]
26 (2005)
country comparison to the world: 135
[see also: Distribution of family income - Gini index country ranks ]
16.4% of GDP (2011 est.)
country comparison to the world: 155
[see also: Investment (gross fixed) country ranks ]
revenues: $24.91 billion
[see also: Budget revenues country ranks ]
expenditures: $25.61 billion (2011 est.)
[see also: Budget expenditures country ranks ]
39.6% of GDP (2011 est.)
country comparison to the world: 45
[see also: Taxes and other revenues country ranks ]
-1.1% of GDP (2011 est.)
country comparison to the world: 56
[see also: Budget surplus (+) or deficit (-) country ranks ]
20.4% of GDP (2011 est.)
country comparison to the world: 110
note: data cover general Government Debt, and includes 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 intra-governmental debt; intra-governmental 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.
[see also: Public debt country ranks ]
3.4% (2011 est.)
country comparison to the world: 70
[see also: Inflation rate (consumer prices) country ranks ]
1.75% (31 December 2010)
country comparison to the world: 111
note: this is the European Central Bank's rate on the marginal lending facility, which offers overnight credit to banks in the euro area
[see also: Central bank discount rate country ranks ]
3.4% (31 December 2011 est.)
country comparison to the world: 186
[see also: Commercial bank prime lending rate country ranks ]
$104.1 billion (31 December 2011 est.)
country comparison to the world: 32
note: see entry for the European Union for money supply in the euro area; the European Central Bank (ECB) controls monetary policy for the 17 members of the Economic and Monetary Union (EMU); individual members of the EMU do not control the quantity of money circulating within their own borders
[see also: Stock of narrow money country ranks ]
$263.3 billion (31 December 2011 est.)
country comparison to the world: 37
[see also: Stock of broad money country ranks ]
$395.1 billion (31 December 2009 est.)
country comparison to the world: 31
[see also: Stock of domestic credit country ranks ]
$101.1 billion (31 December 2010)
country comparison to the world: 40
[see also: Market value of publicly traded shares country ranks ]
grapes, barley, oats, potatoes, wheat, fruits; dairy and livestock products
banking and financial services, iron and steel, information technology, telecommunications, cargo transportation, food processing, chemicals, metal products, engineering, tires, glass, aluminum, tourism
4.4% (2011 est.)
country comparison to the world: 80
[see also: Industrial production growth rate country ranks ]
2.667 billion kWh (2009 est.)
country comparison to the world: 128
[see also: Electricity - production country ranks ]
6.453 billion kWh (2008 est.)
country comparison to the world: 104
[see also: Electricity - consumption country ranks ]
2.604 billion kWh (2009 est.)
[see also: Electricity - exports country ranks ]
3.418 billion kWh (2009 est.)
[see also: Electricity - imports country ranks ]
0 bbl/day (2010 est.)
country comparison to the world: 191
[see also: Oil - production country ranks ]
60,500 bbl/day (2010 est.)
country comparison to the world: 95
[see also: Oil - consumption country ranks ]
686.3 bbl/day (2009 est.)
country comparison to the world: 122
[see also: Oil - exports country ranks ]
51,930 bbl/day (2009 est.)
country comparison to the world: 88
[see also: Oil - imports country ranks ]
0 cu m (2010 est.)
country comparison to the world: 209
[see also: Natural gas - production country ranks ]
1.366 billion cu m (2010 est.)
country comparison to the world: 86
[see also: Natural gas - consumption country ranks ]
0 cu m (2010 est.)
country comparison to the world: 135
[see also: Natural gas - exports country ranks ]
1.366 billion cu m (2010 est.)
country comparison to the world: 55
[see also: Natural gas - imports country ranks ]
0 cu m (1 January 2011 est.)
country comparison to the world: 159
[see also: Natural gas - proved reserves country ranks ]
$11.6 billion (2011 est.)
country comparison to the world: 26
[see also: Current account balance country ranks ]
$19.5 billion (2011 est.)
country comparison to the world: 74
[see also: Exports country ranks ]
machinery and equipment, steel products, chemicals, rubber products, glass
Germany 22.3%, France 15.5%, Belgium 12.1%, UK 9.2%, Italy 7.2%, Netherlands 4.1% (2010)
$27.85 billion (2011 est.)
country comparison to the world: 67
[see also: Imports country ranks ]
minerals, metals, foodstuffs, quality consumer goods
Belgium 31.4%, Germany 25.1%, France 11.6%, China 9.2%, Netherlands 5.2% (2010)
$800 million (31 December 2010 est.)
country comparison to the world: 141
[see also: Reserves of foreign exchange and gold country ranks ]
$2.146 trillion (30 June 2011)
country comparison to the world: 11
[see also: Debt - external country ranks ]
$NA (31 December 2009 est.)
[see also: Stock of direct foreign investment - at home country ranks ]
$NA
[see also: Stock of direct foreign investment - abroad country ranks ]
euros (EUR) per US dollar -
2) The rank that you see is the CIA reported rank, which may habe the following issues:
a) They assign increasing rank number, alphabetically for countries with the same value of the ranked item, whereas we assign them the same rank.
b) The CIA sometimes assignes counterintuitive ranks. For example, it assigns unemployment rates in increasing order, whereas we rank them in decreasing order
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This page was last modified 07-Mar-12