Economy - overview: | This stable, high-income economy - in between 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 22% 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 more than 30% of its labor force. Although Luxembourg, like all EU members, has suffered from the global economic slump, the country enjoys an extraordinarily high standard of living - GDP per capita ranks first in the world. |
GDP - per capita | $62,700 (2005 est.) |
GDP - real growth rate (%) | 3.5% (2005 est.) |
Agriculture - products | barley, oats, potatoes, wheat, fruits, wine grapes; livestock products |
GDP - composition by sector (%) | agriculture: 0.5%, industry: 16.3%, services: 83.1% (2004 est.) |
Industries | banking, iron and steel, food processing, chemicals, metal products, engineering, tires, glass, aluminum, information technology, tourism and banking |
Population below poverty line (%) | NA |
Debt - external | $NA |
Labor force - by occupation (%) | agriculture 1%, industry 13%, services 86% (2004 est.) |