Luxembourg/

This small, stable, high-income economy - benefiting from its proximity to France, Belgium, and Germany - has historically featured 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, but Luxembourg has lost some of its advantages as a tax haven because of OECD and EU pressure. The economy depends on foreign and cross-border workers for about 60% of its labor force. Luxembourg, like all EU members, suffered from the global economic crisis that began in late 2008, but unemployment has trended below the EU average. Following strong expansion from 2004 to 2007, Luxembourg’s economy contracted and 3.4% in 2009, but rebounded 2.6% in 2010. The country continues to enjoy an extraordinarily high standard of living - GDP per capita ranks third in the world, after Liechtenstein and Qatar, and is the highest in the EU. Turmoil in the world financial markets and lower global demand during 2008-09 prompted the government to inject capital into the banking sector and implement stimulus measures to boost the economy. Government stimulus measures and support for the banking sector, however, led to a 5% government budget deficit in 2009, however, the deficit was cut below 3% in 2010.

$40.81 billion (2010 est.)

$39.55 billion (2009 est.)

$41.07 billion (2008 est.)

$52.43 billion (2010 est.)

3.2% (2010 est.)

-3.7% (2009 est.)

1.4% (2008 est.)

$81,800 (2010 est.)

$80,700 (2009 est.)

$84,500 (2008 est.)

206,000 of whom 125,400 are foreign cross-border workers commuting primarily from France, Belgium, and Germany (2010 est.)

5.5% (2010 est.)

5.7% (2009 est.)

NA%

26 (2005)

16.8% of GDP (2010 est.)

16.2% of GDP (2010 est.)

14.6% of GDP (2009 est.)

2.1% (2010 est.)

0.4% (2009 est.)

1.75% (31 December 2009)

3% (31 December 2008)

$120.8 billion (31 December 2010 est)

$121 billion (31 December 2009 est)

$255.5 billion (31 December 2010 est.)

$231.7 billion (31 December 2009 est.)

$395.1 billion (31 December 2009 est.)

$369.6 billion (31 December 2008 est.)

$105.6 billion (31 December 2009)

$66.46 billion (31 December 2008)

$166.1 billion (31 December 2007)

grapes, barley, oats, potatoes, wheat, fruits; dairy and livestock products

banking and financial services, iron and steel, information technology, telecommunications, cargo transportation, food processing, chemicals, metal products, engineering, tires, glass, aluminum, tourism

1.7% (2009 est.)

2.696 billion kWh (2007 est.)

6.525 billion kWh (2007 est.)

2.483 billion kWh (2008 est.)

6.83 billion kWh (2008 est.)

0 bbl/day (2009 est.)

50,720 bbl/day (2009 est.)

63 bbl/day (2008 est.)

59,210 bbl/day (2008 est.)

0 bbl (1 January 2010 est.)

0 cu m (2008 est.)

1.268 billion cu m (2009 est.)

0 cu m (2008 est.)

1.263 billion cu m (2009 est.)

0 cu m (1 January 2010 est.)

$3.396 billion (2010 est.)

$2.985 billion (2009 est.)

$17.82 billion (2010 est.)

$15.5 billion (2009 est.)

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

Germany 19.78%, France 15.87%, Belgium 11.07%, UK 7.96%, Italy 7.49%, Netherlands 4.31% (2009)

$23.67 billion (2010 est.)

$19.76 billion (2009 est.)

minerals, metals, foodstuffs, quality consumer goods

Belgium 27.22%, Germany 23.14%, China 18.62%, France 8.85%, Netherlands 5.06% (2009)

$NA (31 December 2010 est.)

$810 million (31 December 2009 est.)

$1.892 trillion (30 June 2010)

$2.02 trillion (31 December 2008)

$NA (31 December 2009 est.)

$11.21 billion (31 December 2008 est.)

$NA

euros (EUR) per US dollar - 0.7715 (2010), 0.7179 (2009), 0.6827 (2008), 0.7345 (2007), 0.7964 (2006)