About Luxembourg & Key Financial Statistics









About Luxembourg and Key Financial Statistics



Overview of Economy:


This small, stable, high-income economy has historically featured solid growth, low inflation, and low unemployment. The industrial sector, initially dominated by steel, has become increasingly diversified to include chemicals, machinery and equipment, rubber, automotive components, and other products. The financial sector, which accounts for about 36% of GDP, is the leading sector in the economy. The economy depends on foreign and cross-border workers for about 39% of its labor force. Luxembourg experienced uneven economic growth in the aftermath of the global economic crisis that began in late 2008. Luxembourg's GDP contracted 3.6% in 2009, rebounded in 2010-12, fell again in 2013, but recovered in 2014. Unemployment has remained below the EU average despite having increased from a historically-low rate of 4% in the 2000s to 7% in 2014. 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. Luxembourg has one of the highest current account surpluses as a share of GDP in the euro zone, and it maintains a healthy budgetary position and the lowest public debt levels in the region. Luxembourg has lost some of its advantage as a favorable tax location because of OECD and EU pressure. In 2015 the government’s compliance with EU requirements to implement automatic exchange of tax information on savings accounts - thus ending banking secrecy - has depressed banking activity and dampened GDP growth. Likewise, changes to the way EU members collect taxes from e-Commerce has cut Luxembourg’s tax revenues, requiring the government to raise additional levies and to reduce some direct social benefits.


Gross Domestic Product (In USD):

$53.67 billion (2014 est.)
$50.83 billion (2013 est.)
$48.67 billion (2012 est.)



Composition of Gross Domestic Product:


% Agricuture: 0.3

% Industry: 11.7

% Services: 88


Composition of Labor Force by Occupation:

% Agriculture: 1.1

% Industry: 20

% Services: 78.9


Per Capita Income:

$97,600 (2014 est.)
$92,500 (2013 est.)
$88,500 (2012 est.)



Exports:

$24.22 billion (2014 est.)
$24.02 billion (2013 est.)



Key Export Commodities:

machinery and equipment, steel products, chemicals, rubber products, glass



Export Partners:

Germany 23.5%, France 17%, Belgium 16.2%, Italy 5.6%, Switzerland 4.4% (2014)



Imports:

$24.79 billion (2014 est.)
$25.42 billion (2013 est.)



Key Import Commodities:

commercial aircraft, minerals, chemicals, metals, foodstuffs, luxury consumer goods



Import Partners:


Belgium 30.8%, Germany 24.5%, France 11.9%, US 7.1%, China 5.9%, Netherlands 4.9% (2014)


Inflation Rate (Consumer Price Index):

0.7% (2014 est.)
1.7% (2013 est.)




Exchange Rate to USD:

euros (EUR) per US dollar -
0.7489 (2014 est.)
0.7634 (2013 est.)
0.78 (2012 est.)
0.7185 (2011 est.)
0.755 (2010 est.)




Unemployment Rate:

7.1% (2014 est.)
6.9% (2013 est.)


S&P Rating:



Standard & Poor's Ratings:

  • AAA: The best quality borrowers, reliable and stable
  • AA: Quality borrowers, a bit higher risk than AAA
  • A: Economic situation can affect finance
  • BBB: Medium class borrowers, which are satisfactory at the moment
  • BB: More prone to changes in the economy
  • B: Financial situation varies noticeably
  • CCC: An obligor rated currently vulnerable, and is dependent upon favorable business, financial, and economic conditions to meet its financial commitments.






Ref 2012-2014: CIA World Factbook, Wikipedia, PWC, EY, Standard & Poors ratings