Luxembourg:
Economy

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Economy - overview	Definition This stable, high-income economy - benefiting from its proximity to France, Belgium, and Germany - 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 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 second in the world, after Qatar. After two years of strong economic growth in 2006-07, turmoil in the world financial markets will slow Luxembourg's economy in 2008, but growth will remain above the European average.
GDP (purchasing power parity)	Definition - World rank and map $38.56 billion (2007 est.)
GDP (official exchange rate)	Definition $50.16 billion (2007 est.)
GDP - real growth rate	Definition - World rank and map 5.4% (2007 est.)
GDP - per capita	Definition - World rank and map $80,500 (2007 est.)
GDP - composition by sector	Definition agriculture: 1% industry: 13% services: 86% (2005 est.)
Labor force	Definition 205,000 of whom 121,600 are foreign cross-border workers commuting primarily from France, Belgium, and Germany (2007 est.)
Labor force - by occupation	Definition agriculture: 1% industry: 13% services: 86% (2004 est.)
Unemployment rate	Definition - World rank and map 4.4% (2007 est.)
Population below poverty line	Definition NA%
Household income or consumption by percentage share	Definition lowest 10%: 3.5% highest 10%: 23.8% (2000)
Distribution of family income - Gini index	Definition - World rank and map 26 (2005)
Inflation rate (consumer prices)	Definition - World rank and map 2.3% (2007 est.)
Investment (gross fixed)	Definition - World rank and map 17.4% of GDP (2007 est.)
Budget	Definition revenues: $20.53 billion expenditures: $19.27 billion (2007 est.)
Public debt	Definition - World rank and map 5.4% of GDP (2007 est.)
Agriculture - products	Definition wine, grapes, barley, oats, potatoes, wheat, fruits; dairy products, livestock products
Industries	Definition banking and financial services, iron and steel, information technology, telecommunications, cargo transportation, food processing, chemicals, metal products, engineering, tires, glass, aluminum, tourism
Industrial production growth rate	Definition - World rank and map 1.7% (2007 est.)
Electricity - production	Definition - World rank and map 3.156 billion kWh (2005 est.)
Electricity - consumption	Definition - World rank and map 6.315 billion kWh (2005 est.)
Electricity - consumption per capita	Definition - World rank and map 12,993.7 kWh (2005 est.)
Electricity - exports	Definition 3.131 billion kWh (2005 est.)
Electricity - imports	Definition 6.392 billion kWh (2005 est.)
Oil - production	Definition - World rank and map 0 bbl/day (2005 est.)
Oil - consumption	Definition - World rank and map 64,020 bbl/day (2005 est.)
Oil - consumption per 1,000 people	Definition - World rank and map 131.7 bbl/day (2005 est.)
Oil - exports	Definition - World rank and map 283 bbl/day (2004)
Oil - imports	Definition - World rank and map 61,070 bbl/day (2004)
Oil - proved reserves	Definition - World rank and map 0 bbl (1 January 2006 est.)
Natural gas - production	Definition - World rank and map 0 cu m (2005 est.)
Natural gas - consumption	Definition - World rank and map 1.356 billion cu m (2005 est.)
Natural gas - consumption per capita	Definition - World rank and map 2,790 cu m (2005 est.)
Natural gas - exports	Definition - World rank and map 0 cu m (2005 est.)
Natural gas - imports	Definition - World rank and map 1.356 billion cu m (2005)
Natural gas - proved reserves	Definition - World rank and map 0 cu m (1 January 2006 est.)
Current account balance	Definition - World rank and map $4.746 billion (2007 est.)
Exports	Definition - World rank and map $19.85 billion f.o.b. (2007 est.)
Exports - commodities	Definition machinery and equipment, steel products, chemicals, rubber products, glass
Exports - partners	Definition Germany 21.1%, France 16.3%, Belgium 10.1%, Italy 7.4%, UK 7.1%, Netherlands 5.4%, Spain 5% (2006)
Imports	Definition - World rank and map $24.75 billion c.i.f. (2007 est.)
Imports - commodities	Definition minerals, metals, foodstuffs, quality consumer goods
Imports - partners	Definition Belgium 27.4%, Germany 23.8%, China 17.1%, France 9.2%, Netherlands 5% (2006)
Reserves of foreign exchange and gold	Definition - World rank and map $205.5 million (2006 est.)
Debt - external	Definition - World rank and map $NA
Stock of direct foreign investment - at home	Definition $NA
Stock of direct foreign investment - abroad	Definition $NA
Market value of publicly traded shares	Definition $79.4 billion (2006)
Economic aid - donor	Definition ODA, $291 million (2006)
Currency (code)	Definition euro (EUR)
Exchange rates	Definition euros per US dollar - 0.7345 (2007), 0.7964 (2006), 0.8041 (2005), 0.8054 (2004), 0.886 (2003)
Fiscal year	Definition calendar year

Luxembourg: Economy

Luxembourg:
Economy