Economical overview
Luxembourg is one of the world's richest
countries, per capita. Prosperity was built up by a
successful industry, but today rests mainly on the
strong banking and financial sectors. Several major
global corporations also have their domicile in the
country.
Different ways of calculating sometimes give
different results, but Luxembourg is often at the
absolute top, as the individual country in the world
where the gross domestic product (GDP) per capita is the
highest. In addition, from the beginning of the 1990s,
the country has moved away, from just over double GDP
per person compared to the rest of the EU, to three
times the EU average in 2016. Luxembourg also ranks
among the top countries in terms of quality of life
measurements for residents. The economy is characterized
by steady growth, low inflation and low unemployment.
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During the post-war period, the dependence on the
traditional industry, especially the steel industry,
gradually decreased while the financial and service
sectors instead grew very strong. Political and economic
stability, as well as liberal financial legislation,
have helped to make Luxembourg a center for
international financial transactions. A large part of
European credit operations are conducted from here.
It has long been a conscious policy on the part of
the government to facilitate the establishment of
foreign banks. Nearly 150 banks from a large number of
countries have operations in Luxembourg, as well as
thousands of other companies in the sector.
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Abbreviationfinder.org: Check this abbreviation website to find three letter ISO codes for all countries in the world, including LUX which represents the country of Luxembourg.
Financial operations play a crucial role for tax
revenue and the balance of payments. The financial
sector accounts for around half of GDP. The service
sector as a whole amounts to about 87 percent, which is
a high figure even in comparison with the spirit of
industrialized countries.
World-leading companies such as the steel
manufacturer Arcelor-Mittal, the satellite operator SES
and the media group RTL (see also Industry) also have
their headquarters in Luxembourg.
Growth is generally above average for EU countries.
The global financial crisis also led to a downturn here
in 2009, but the country quickly recovered from the
recession and growth recovered even before the end of
the year. The industry was hit harder than the financial
sector.
Warnings have long been made that the dependence on
the financial sector is too great. Developments in the
EU towards deeper economic integration between member
states and abolished financial services restrictions may
undermine Luxembourg's privileged position as a
financial center (see Modern History). It is therefore a
political ambition that the country continues to broaden
its economic activities.
FACTS - FINANCE
GDP per person
US $ 114,340 (2018)
Total GDP
US $ 69 488 M (2018)
GDP growth
2.6 percent (2018)
Agriculture's share of GDP
0.3 percent (2018)
Manufacturing industry's share of GDP
5.0 percent (2018)
The service sector's share of GDP
79.2 percent (2018)
Inflation
1.7 percent (2019)
Government debt's share of GDP
21.4 percent (2018)
Currency
euro 1
Merchandise exports
US $ 22,020 million (2018)
Imports
US $ 25,402 million (2018)
Current account
US $ 3,389 million (2018)
Commodity trade's share of GDP
58 percent (2018)
Main export goods
steel and other metal products, machinery,
electronics, plastic products, vehicles, rubber products
Largest trading partner
Germany, France, Belgium, Italy, UK, China
- 1 euro = 100 cents
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