| Economy | Luxembourg |
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Economy - overview:
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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):
|
$43.55 billion (2011 est.)
$42.13 billion (2010 est.)
$40.7 billion (2009 est.)
note: data are in 2011 US dollars |
GDP - per capita (PPP):
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$84,700 (2011 est.)
$83,100 (2010 est.)
$81,800 (2009 est.)
note: data are in 2011 US dollars |
GDP (official exchange rate):
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$62.9 billion (2011 est.) |
GDP - real growth rate:
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3.6% (2011 est.)
3.5% (2010 est.)
-3.6% (2009 est.) |
GDP - composition by sector:
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agriculture: 0.4%
industry: 13.6%
services: 86% (2007 est.) |
Investment (gross fixed):
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16.4% of GDP (2011 est.) |
Population below poverty line:
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NA% |
Household income or consumption by percentage share:
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lowest 10%: 3.5%
highest 10%: 23.8% (2000) |
Distribution of family income - Gini index:
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26 (2005) |
Inflation rate (consumer prices):
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3.4% (2011 est.)
2.3% (2010 est.) |
Central bank discount rate:
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1.75% (31 December 2010)
1.75% (31 December 2009)
note: this is the European Central Bank's rate on the marginal lending facility, which offers overnight credit to banks in the euro area |
Commercial bank prime lending rate:
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3.4% (31 December 2011 est.)
2.283% (31 December 2010 est.) |
Stock of money:
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$NA
note: see entry for the European Union for money supply in the euro area; the European Central Bank (ECB) controls monetary policy for the 16 members of the Economic and Monetary Union (EMU); individual members of the EMU do not control the quantity of money and quasi money circulating within their own borders |
Stock of money - per capita:
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void |
Stock of quasi money:
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$NA |
Stock of quasi money - per capita:
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void |
Stock of domestic credit:
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$395.1 billion (31 December 2009 est.)
$369.6 billion (31 December 2008 est.) |
Stock of domestic credit - per capita:
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785,016 USD per capita |
Stock of narrow money:
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$104.1 billion (31 December 2011 est.)
$90.85 billion (31 December 2010 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:
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$263.3 billion (31 December 2011 est.)
$235.3 billion (31 December 2010 est.) |
Labor force:
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207,500
note: 125,400 workers commute daily from France, Belgium, and Germany (2011 est.) |
Labor force participation rate:
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41.23 % of population |
Labor force - by occupation:
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agriculture: 2.2%
industry: 17.2%
services: 80.6% (2007 est.) |
Unemployment rate:
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6% (2011 est.)
6% (2010 est.) |
Unemployment, youth ages 15-24:
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total: 17.2%
male: 16.7%
female: 17.8% (2009) |
Budget:
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revenues: $24.91 billion
expenditures: $25.61 billion (2011 est.) |
Budget revenues per capita:
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49,494 USD per capita |
Taxes and other revenues:
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39.6% of GDP (2011 est.) |
Budget surplus (+) or deficit (-):
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-1.1% of GDP (2011 est.) |
Public debt:
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20.4% of GDP (2011 est.)
19.7% of GDP (2010 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. |
Industries:
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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:
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4.4% (2011 est.) |
Electricity - production:
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2.667 billion kWh (2009 est.) |
Electricity - production per capita:
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5,300 kWh per capita |
Electricity - consumption:
|
6.453 billion kWh (2008 est.) |
Electricity - consumption - per capita:
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12,822 kWh per capita |
Electricity - exports:
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2.604 billion kWh (2009 est.) |
Electricity - imports:
|
3.418 billion kWh (2009 est.) |
Oil - production:
|
0 bbl/day (2010 est.) |
Oil - production per capita:
|
void |
Oil - consumption:
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60,500 bbl/day (2010 est.) |
Oil - consumption - per capita:
|
43.88 bbl/year per capita |
Oil - exports:
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686.3 bbl/day (2009 est.) |
Oil - imports:
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51,930 bbl/day (2009 est.) |
Oil - proved reserves:
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0 bbl (1 January 2011 est.) |
Natural gas - production:
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0 cu m (2010 est.) |
Natural gas - production per capita:
|
void |
Natural gas - consumption:
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1.366 billion cu m (2010 est.) |
Natural gas - consumption - per capita:
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2,715 cu m per capita |
Natural gas - exports:
|
0 cu m (2010 est.) |
Natural gas - imports:
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1.366 billion cu m (2010 est.) |
Natural gas - proved reserves:
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0 cu m (1 January 2011 est.) |
Agriculture - products:
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grapes, barley, oats, potatoes, wheat, fruits; dairy and livestock products |
Current account balance:
|
$11.6 billion (2011 est.)
$4.386 billion (2010 est.) |
Current account balance - per capita:
|
23,048 USD per capita |
Exports:
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$19.5 billion (2011 est.)
$16.8 billion (2010 est.) |
Exports per capita:
|
38,745 USD per capita |
Exports - commodities:
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machinery and equipment, steel products, chemicals, rubber products, glass |
Exports - partners:
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Germany 22.3%, France 15.5%, Belgium 12.1%, UK 9.2%, Italy 7.2%, Netherlands 4.1% (2010) |
Imports:
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$27.85 billion (2011 est.)
$22.08 billion (2010 est.) |
Imports per capita:
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55,335 USD per capita |
Imports - commodities:
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minerals, metals, foodstuffs, quality consumer goods |
Imports - partners:
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Belgium 31.4%, Germany 25.1%, France 11.6%, China 9.2%, Netherlands 5.2% (2010) |
Reserves of foreign exchange and gold:
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$800 million (31 December 2010 est.)
|
Reserves of foreign exchange and gold - per capita:
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1,590 USD per capita |
Debt - external:
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$2.146 trillion (30 June 2011)
$1.892 trillion (30 June 2010) |
Debt - external - per capita:
|
4,263,842 USD per capita |
Stock of direct foreign investment - at home:
|
$NA (31 December 2009 est.)
$11.21 billion (31 December 2008 est.) |
Stock of direct foreign investment - at home - per capita:
|
void |
Stock of direct foreign investment - abroad:
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$NA |
Stock of direct foreign investment - abroad - per capita:
|
void |
Market value of publicly traded shares:
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$101.1 billion (31 December 2010)
$105.6 billion (31 December 2009)
$66.46 billion (31 December 2008) |
Market value of publicly traded shares - per capita:
|
200,874 USD per capita |
Currency (code):
|
euro (EUR) |
Exchange rates:
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euros (EUR) per US dollar -
0.7107 (2011 est.)
0.755 (2010 est.)
0.7198 (2009 est.)
0.6827 (2008 est.)
0.7345 (2007 est.) |
Fiscal year:
|
calendar year |
|
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