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    Luxembourg Index 2006

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    Luxembourg Economy - 2006
    http://www.theodora.com/wfbcurrent/luxembourg/luxembourg_economy.html
    SOURCE: 2006 CIA WORLD FACTBOOK

      Economy - overview:
      This stable, high-income economy - benefitting from its proximity to 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 28% 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 (purchasing power parity):
      $29.43 billion (2005 est.)

      GDP (official exchange rate):
      $31.96 billion (2005 est.)

      GDP - real growth rate:
      3.5% (2005 est.)

      GDP - per capita (PPP):
      $55,600 (2005 est.)

      GDP - composition by sector:
      agriculture: 1%
      industry: 13%
      services: 86% (2005 est.)

      Labor force:
      316,500 of whom 121,600 are foreign cross-border workers commuting primarily from France, Belgium, and Germany (2005 est.)

      Labor force - by occupation:
      agriculture: 1%
      industry: 13%
      services: 86% (2004 est.)

      Unemployment rate:
      4.9% (2005 est.)

      Population below poverty line:
      NA%

      Household income or consumption by percentage share:
      lowest 10%: NA%
      highest 10%: NA%

      Inflation rate (consumer prices):
      3.6% (2005 est.)

      Investment (gross fixed):
      19.7% of GDP (2005 est.)

      Budget:
      revenues: $9.195 billion
      expenditures: $9.573 billion; including capital expenditures of $975.5 million (2005 est.)

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

      Industrial production growth rate:
      4.4% (2005 est.)

      Electricity - production:
      3.203 billion kWh (2005 est.)

      Electricity - consumption:
      6.14 billion kWh (2005 est.)

      Electricity - exports:
      2.346 billion kWh (2005 est.)

      Electricity - imports:
      5.287 billion kWh (2005 est.)

      Oil - production:
      0 bbl/day (2003 est.)

      Oil - consumption:
      55,700 bbl/day (2003 est.)

      Oil - exports:
      634 bbl/day (2001)

      Oil - imports:
      50,700 bbl/day (2001)

      Natural gas - production:
      0 cu m (2003 est.)

      Natural gas - consumption:
      1.205 billion cu m (2003 est.)

      Natural gas - exports:
      0 cu m (2001 est.)

      Natural gas - imports:
      867 million cu m (2001 est.)

      Exports:
      $13.39 billion f.o.b. (2005 est.)

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

      Exports - partners:
      Germany 22.2%, France 19.8%, Belgium 10%, UK 8.5%, Italy 7.3%, Spain 6%, Netherlands 4.3% (2004)

      Imports:
      $18.74 billion c.i.f. (2005 est.)

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

      Imports - partners:
      Belgium 29.8%, Germany 22.6%, China 12.6%, France 12%, Netherlands 4.2% (2004)

      Reserves of foreign exchange and gold:
      $173.5 million (2005 est.)

      Debt - external:
      $NA

      Economic aid - donor:
      ODA, $235.59 million (2004)

      Currency (code):
      euro (EUR)
      note: on 1 January 1999, the European Monetary Union introduced the euro as a common currency to be used by financial institutions of member countries; on 1 January 2002, the euro became the sole currency for everyday transactions within the member countries

      Exchange rates:
      euros per US dollar - 0.8041 (2005), 0.8054 (2004), 0.886 (2003), 1.0626 (2002), 1.1175 (2001)

      Fiscal year:
      calendar year


      NOTE: The information regarding Luxembourg on this page is re-published from the 2006 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Luxembourg Economy 2006 information contained here. All suggestions for corrections of any errors about Luxembourg Economy 2006 should be addressed to the CIA.

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    http://www.theodora.com/wfbcurrent/luxembourg/luxembourg_economy.html

    Revised 06-Jun-06
    Copyright © 2006 Photius Coutsoukis (all rights reserved)


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