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Luxembourg Economy 2015

SOURCE: 2015 CIA WORLD FACTBOOK AND OTHER SOURCES











Luxembourg Economy 2015
SOURCE: 2015 CIA WORLD FACTBOOK AND OTHER SOURCES


Page last updated on June 20, 2014

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, 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.

GDP (purchasing power parity):
$42.67 billion (2013 est.)
country comparison to the world: 103

$42.44 billion (2012 est.)
$42.3 billion (2011 est.)
note: data are in 2013 US dollars
[see also: GDP country ranks ]

GDP (official exchange rate):
$60.54 billion (2013 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
0.5% (2013 est.)
country comparison to the world: 187

0.3% (2012 est.)
1.7% (2011 est.)
[see also: GDP - real growth rate country ranks ]

GDP - per capita:
$77,900 (2013 est.)
country comparison to the world: 6

$79,000 (2012 est.)
$81,400 (2011 est.)
note: data are in 2013 US dollars
[see also: GDP - per capita country ranks ]

GDP - composition, by end use:
household 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.)

GDP - composition, by sector of origin:
agriculture: 0.3%
industry: 13.3%
services: 86.4% (2013 est.)

Agriculture - products:
grapes, barley, oats, potatoes, wheat, fruits; dairy and livestock products

Industries:
banking and financial services, iron and steel, information technology, telecommunications, cargo transportation, food processing, chemicals, metal products, engineering, tires, glass, aluminum, tourism, biotechnology, logistics

Industrial production growth rate:
-1% (2013 est.)
country comparison to the world: 177
[see also: Industrial production growth rate country ranks ]

Labor force:
208,800
country comparison to the world: 168
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.)
[see also: Labor force country ranks ]

Labor force - by occupation:
agriculture: 1.2%
industry: 19.4%
services: 79.4% (2012 est.)

Unemployment rate:
4.9% (2013 est.)
country comparison to the world: 44

6.1% (2012 est.)
[see also: Unemployment rate country ranks ]

Population below poverty line:
NA%
[see also: Population below poverty line country ranks ]

Household income or consumption by percentage share:
lowest 10%: 3.5%
highest 10%: 23.8% (2000)

Distribution of family income - Gini index:
26 (2005)
country comparison to the world: 134
[see also: Distribution of family income - Gini index country ranks ]

Budget:
revenues: $23.91 billion
expenditures: $24.94 billion (2013 est.)

Taxes and other revenues:
39.5% of GDP (2013 est.)
country comparison to the world: 46
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
-1.7% of GDP (2013 est.)
country comparison to the world: 78
[see also: Budget surplus (+) or deficit (-) country ranks ]

Public debt:
22.9% of GDP (2013 est.)
country comparison to the world: 133

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
[see also: Public debt country ranks ]

Fiscal year:
calendar year

Inflation rate (consumer prices):
1.8% (2013 est.)
country comparison to the world: 62

2.9% (2012 est.)
[see also: Inflation rate (consumer prices) country ranks ]

Central bank discount rate:
0.75% (31 December 2013)
country comparison to the world: 120

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
[see also: Central bank discount rate country ranks ]

Stock of narrow money:
$84.91 billion (31 December 2013 est.)
country comparison to the world: 38

$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
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$235.8 billion (31 December 2013 est.)
country comparison to the world: 36

$238.2 billion
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$97.73 billion (31 December 2013 est.)
country comparison to the world: 51

$97.39 billion (31 December 2012 est.)
[see also: Stock of domestic credit country ranks ]

Market value of publicly traded shares:
$70.34 billion (31 December 2012 est.)
country comparison to the world: 43

$67.63 billion (31 December 2011)
$101.1 billion (31 December 2010 est.)
[see also: Market value of publicly traded shares country ranks ]

Current account balance:
$2.7 billion (2013 est.)
country comparison to the world: 37

$3.428 billion (2012 est.)
[see also: Current account balance country ranks ]

Exports:
$15.8 billion (2013 est.)
country comparison to the world: 77

$15.93 billion (2012 est.)
[see also: Exports country ranks ]

Exports - commodities:
machinery and equipment, steel products, chemicals, rubber products, glass

Exports - partners:
Germany 21.5%, France 15.5%, Belgium 14.5%, UK 5.8%, Italy 5.6%, Switzerland 4.7% (2012)

Imports:
$23.12 billion (2013 est.)
country comparison to the world: 75

$23.78 billion (2012 est.)
[see also: Imports country ranks ]

Imports - commodities:
minerals, metals, foodstuffs, quality consumer goods

Imports - partners:
Belgium 30.6%, Germany 23.6%, France 10.4%, US 8.3%, China 7.2%, Netherlands 5.1% (2012)

Reserves of foreign exchange and gold:
$991 million (31 December 2012 est.)
country comparison to the world: 135

$1.014 billion (31 December 2011 est.)
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$2.935 trillion (31 December 2012 est.)
country comparison to the world: 7

$2.084 trillion (31 December 2011)
[see also: Debt - external country ranks ]

Stock of direct foreign investment - at home:
$NA

$11.21 billion (31 December 2008 est.)
[see also: Stock of direct foreign investment - at home country ranks ]

Stock of direct foreign investment - abroad:
$NA
[see also: Stock of direct foreign investment - abroad country ranks ]

Exchange rates:
euros (EUR) per US dollar -

0.7634 (2013 est.)
0.7752 (2012 est.)
0.755 (2010 est.)
0.7198 (2009 est.)
0.6827 (2008 est.)


NOTE: 1) The information regarding Luxembourg on this page is re-published from the 2015 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Luxembourg Economy 2015 information contained here. All suggestions for corrections of any errors about Luxembourg Economy 2015 should be addressed to the CIA.
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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