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Luxembourg: Economy#

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, automobile components, and other products. Growth in the financial sector, which now accounts for about 36% 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 favorable tax location because of OECD and EU pressure. The economy depends on foreign and cross-border workers for about 40% 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 before slowing again in 2012. 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 and 0.9% in 2012. 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. Luxembourg's economy, while stabile, grew slowly in 2012 due to ongoing weak growth in the euro area. Authorities have strengthened supervision of domestic banks because of their exposure to the activities of foreign banks.

Economic Facts#

GDP (purchasing power parity)$42.67 billion (2013 est.)
$42.44 billion (2012 est.)
$42.3 billion (2011 est.)
note: data are in 2013 US dollars
GDP - real growth rate0.5% (2013 est.)
0.3% (2012 est.)
1.7% (2011 est.)
GDP - per capita (PPP)$77,900 (2013 est.)
$79,000 (2012 est.)
$81,400 (2011 est.)
note: data are in 2013 US dollars
GDP - composition, by sector of originagriculture: 0.3%
industry: 13.3%
services: 86.4% (2013 est.)
Population below poverty lineNA%
Household income or consumption by percentage sharelowest 10%: 3.5%
highest 10%: 23.8% (2000)
Labor force - by occupationagriculture: 1.2%
industry: 19.4%
services: 79.4% (2012 est.)
Exports - commoditiesmachinery and equipment, steel products, chemicals, rubber products, glass
Exports - partnersGermany 21.5%, France 15.5%, Belgium 14.5%, UK 5.8%, Italy 5.6%, Switzerland 4.7% (2012)
Agriculture - productsgrapes, barley, oats, potatoes, wheat, fruits; dairy and livestock products
Budgetrevenues: $23.91 billion
expenditures: $24.94 billion (2013 est.)
Imports - commoditiesminerals, metals, foodstuffs, quality consumer goods
Imports - partnersBelgium 30.6%, Germany 23.6%, France 10.4%, US 8.3%, China 7.2%, Netherlands 5.1% (2012)
Exchange rateseuros (EUR) per US dollar -
0.7634 (2013 est.)
0.7752 (2012 est.)
0.755 (2010 est.)
0.7198 (2009 est.)
0.6827 (2008 est.)
Exports$15.8 billion (2013 est.)
$15.93 billion (2012 est.)
Debt - external$2.935 trillion (31 December 2012 est.)
$2.084 trillion (31 December 2011)
Fiscal yearcalendar year
Imports$23.12 billion (2013 est.)
$23.78 billion (2012 est.)
Industrial production growth rate-1% (2013 est.)
Industriesbanking and financial services, iron and steel, information technology, telecommunications, cargo transportation, food processing, chemicals, metal products, engineering, tires, glass, aluminum, tourism, biotechnology, logistics
Inflation rate (consumer prices)1.8% (2013 est.)
2.9% (2012 est.)
Labor force208,800
note: data exclude foreign workers; in addition to the figure for domestic labor force, about 150,000 workers commute daily from France, Belgium, and Germany (2013 est.)
Unemployment rate4.9% (2013 est.)
6.1% (2012 est.)
Distribution of family income - Gini index26 (2005)
Public debt22.9% of GDP (2013 est.)
20.8% of GDP (2012 est.)
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
Current account balance$2.7 billion (2013 est.)
$3.428 billion (2012 est.)
Reserves of foreign exchange and gold$991 million (31 December 2012 est.)
$1.014 billion (31 December 2011 est.)
GDP (official exchange rate)$60.54 billion (2013 est.)
Stock of direct foreign investment - at home$NA
$11.21 billion (31 December 2008 est.)
Stock of direct foreign investment - abroad$NA
Market value of publicly traded shares$70.34 billion (31 December 2012 est.)
$67.63 billion (31 December 2011)
$101.1 billion (31 December 2010 est.)
Central bank discount rate0.75% (31 December 2013)
1.5% (31 December 2010)
note: this is the European Central Bank's rate on the marginal lending facility, which offers overnight credit to banks in the euro area
Stock of domestic credit$97.73 billion (31 December 2013 est.)
$97.39 billion (31 December 2012 est.)
Stock of narrow money$84.91 billion (31 December 2013 est.)
$89.87 billion (31 December 2012 est.)
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
Stock of broad money$235.8 billion (31 December 2013 est.)
$238.2 billion
Taxes and other revenues39.5% of GDP (2013 est.)
Budget surplus (+) or deficit (-)-1.7% of GDP (2013 est.)
GDP - composition, by end usehousehold consumption: 32.3%
government consumption: 17.5%
investment in fixed capital: 22.2%
investment in inventories: -2.4%
exports of goods and services: 170.5%
imports of goods and services: -140.1%
(2013 est.)