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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


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