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1994-05-02
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<text>
<title>
Luxembourg: Economy
</title>
<article><hdr>The World Factbook 1993: Luxembourg
Economy</hdr><body>
<p>Overview: The stable economy features moderate growth, low
inflation, and negligible unemployment. Agriculture is based on small
but highly productive family-owned farms. The industrial sector,
until recently dominated by steel, has become increasingly more
diversified, particularly toward high-technology firms. During the
past decade, growth in the financial sector has more than compensated
for the decline in steel. Services, especially banking, account for a
growing proportion of the economy. Luxembourg participates in an
economic union with Belgium on trade and most financial matters and
is also closely connected economically to the Netherlands.
</p>
<p>National product: GDP - purchasing power equivalent - $8.5 billion
(1992)
</p>
<p>National product real growth rate: 2.5% (1992)
</p>
<p>National product per capita: $21,700 (1992)
</p>
<p>Inflation rate (consumer prices): 3.6% (1992)
</p>
<p>Unemployment rate: 1.4% (1991)
</p>
<p>Budget: revenues $3.5 billion; expenditures $3.5 billion, including
capital expenditures of $NA (1992)
</p>
<list>
<l>Exports: $6.4 billion (f.o.b., 1991 est.)</l>
<l> commodities: finished steel products, chemicals, rubber products,
glass, aluminum, other industrial products</l>
<l> partners: EC 76%, US 5%</l>
<l>Imports: $8.3 billion (c.i.f., 1991 est.)</l>
<l> commodities: minerals, metals, foodstuffs, quality consumer
goods</l>
<l> partners: Belgium 37%, FRG 31%, France 12%, US 2%</l>
</list>
<p>External debt: $131.6 million (1989 est.)
</p>
<p>Industrial production: growth rate -0.5% (1990); accounts for 25%
of GDP
</p>
<p>Electricity: 1,238,750 kW capacity; 1,375 million kWh produced,
3,450 kWh per capita (1990)
</p>
<p>Industries: banking, iron and steel, food processing, chemicals,
metal products, engineering, tires, glass, aluminum
</p>
<p>Agriculture: accounts for less than 3% of GDP (including forestry);
principal products - barley, oats, potatoes, wheat, fruits, wine
grapes; cattle raising widespread
</p>
<p>Illicit drugs: money-laundering hub
</p>
<p>Economic aid: none
</p>
<p>Currency: 1 Luxembourg franc (LuxF)=100 centimes
</p>
<p>Exchange rates: Luxembourg francs (LuxF) per US$1 - 33.256 (January
1993), 32.150 (1992), 34.148 (1991), 33.418 (1990), 39.404 (1989),
36.768 (1988); note - the Luxembourg franc is at par with the Belgian
franc, which circulates freely in Luxembourg
</p>
<p>Fiscal year: calendar year
</p></body></article></text>