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Economy of Luxembourg

Economy of Luxembourg
CurrencyEuro (EUR, €)
Calendar year
Trade organisations
EU, WTO and OECD
Country group
Statistics
Population650,000 (1 January 2022)[5]
GDP
  • $87 billion (nominal, 2023)[6]
  • $94 billion (PPP, 2023)[6]
GDP rank
GDP growth
  • 1.5% (2022)[7]
  • 1.1% (2023)[7]
  • 1.7% (2024)[7]
GDP per capita
  • $132,372 (nominal, 2023)[6]
  • $142,490 (PPP, 2023)[6]
GDP per capita rank
GDP by sector
5% (2021)[6]
Population below poverty line
20.6% at risk of poverty or social exclusion (AROPE, 2019)[9]
32.3 medium (2019, Eurostat)[10]
Decrease 80 out of 100 points (2023)[13] (9th)
Labour force
  • 300,538 (2019)[14]
  • Steady 74.8% employment rate (2023)[15]
Labour force by occupation
Unemployment
  • 6.8% (August 2020)[16]
  • 16.4% youth unemployment (Q4-2019)[17]
Average gross salary
$7,000 / $8,000 monthly (2022)
€6,000 / $7,000 monthly (2022)
Main industries
banking and financial services, construction, real estate services, iron, metals, and steel, information technology, telecommunications, cargo transportation and logistics, chemicals, engineering, tires, glass, aluminum, tourism, biotechnology
External
Exports$100 billion (2022 est.)[8]
Export goods
machinery and equipment, steel products, chemicals, rubber products, glass
Main export partners
Imports$50 billion (2022 est.)[8]
Import goods
commercial aircraft, minerals, chemicals, metals, foodstuffs, luxury consumer goods
Main import partners
FDI stock
$50 billion (31 December 2021 est.)[8]
Abroad: NA[8]
$3.112 billion (2017 est.)
$5 trillion (31 March 2022 est.)[8]
Public finances
  • 15% of GDP (2022)[18]
  • €20 billion (2022)[18]
  • €5 billion surplus (2022)[18]
  • 5% of GDP (2022)[18]
Revenues30% of GDP (2019)[18]
Expenses25% of GDP (2019)[18]
Economic aid
$1.5 billion (31 December 2021 est.)[8]
All values, unless otherwise stated, are in US dollars.
The labour productivity level of Luxembourg is one of the highest in Europe. OECD, 2012.

The economy of Luxembourg is largely dependent on the banking, steel, and industrial sectors. Citizens of Luxembourg enjoy the highest per capita gross domestic product in the world, according to an IMF estimate in 2022.[24] Among OECD nations, Luxembourg has a highly efficient and strong social security system; social welfare expenditure stood at roughly 21.9% of GDP.[3][4][25]

  1. ^ "World Economic Outlook Database Groups and Aggregates Information". IMF.org. International Monetary Fund.
  2. ^ "World Bank Country and Lending Groups". datahelpdesk.worldbank.org. World Bank. Retrieved 29 September 2019.
  3. ^ a b Kenworthy, Lane (1999). "Do Social-Welfare Policies Reduce Poverty? A Cross-National Assessment" (PDF). Social Forces. 77 (3): 1119–1139. doi:10.2307/3005973. JSTOR 3005973. Archived (PDF) from the original on 10 August 2013.
  4. ^ a b Moller, Stephanie; Huber, Evelyne; Stephens, John D.; Bradley, David; Nielsen, François (2003). "Determinants of Relative Poverty in Advanced Capitalist Democracies". American Sociological Review. 68 (1): 22–51. doi:10.2307/3088901. JSTOR 3088901.
  5. ^ "Population on 1 January". ec.europa.eu/eurostat. Eurostat. Retrieved 13 July 2020.
  6. ^ a b c d e "Report for Selected Countries and Subjects: April 2023". imf.org. International Monetary Fund.
  7. ^ a b c "The outlook is uncertain again amid financial sector turmoil, high inflation, ongoing effects of Russia's invasion of Ukraine, and three years of COVID". International Monetary Fund. 11 April 2023.
  8. ^ a b c d e f g h i j "The World Factbook". CIA.gov. Central Intelligence Agency. Retrieved 25 May 2019.
  9. ^ "People at risk of poverty or social exclusion". ec.europa.eu/eurostat. Eurostat. Retrieved 25 October 2020.
  10. ^ "Gini coefficient of equivalised disposable income - EU-SILC survey". ec.europa.eu/eurostat. Eurostat. Retrieved 25 October 2020.
  11. ^ "Human Development Index (HDI)". hdr.undp.org. HDRO (Human Development Report Office) United Nations Development Programme. Retrieved 11 November 2022.
  12. ^ "Inequality-adjusted HDI (IHDI)". hdr.undp.org. UNDP. Retrieved 11 November 2022.
  13. ^ "Corruption Perceptions Index". Transparency International. 30 January 2024. Archived from the original on 30 January 2024. Retrieved 15 July 2024.
  14. ^ "Labor force, total - Luxembourg". data.worldbank.org. World Bank. Retrieved 1 November 2019.
  15. ^ "Employment rate by sex, age group 20-64". ec.europa.eu/eurostat. Eurostat. Retrieved 20 July 2024.
  16. ^ "Unemployment by sex and age - monthly average". appsso.eurostat.ec.europa.eu. Eurostat. Retrieved 4 October 2020.
  17. ^ "Youth unemployment rate". data.oecd.org. OECD. Retrieved 3 April 2020.
  18. ^ a b c d e f "Euro area and EU27 government deficit both at 0.5% of GDP" (PDF). ec.europa.eu/eurostat. Eurostat. Retrieved 28 April 2020.
  19. ^ "Archived copy" (PDF). Archived (PDF) from the original on 25 December 2017. Retrieved 25 December 2017.{{cite web}}: CS1 maint: archived copy as title (link)
  20. ^ "Archived copy" (PDF). Archived (PDF) from the original on 20 April 2017. Retrieved 25 December 2017.{{cite web}}: CS1 maint: archived copy as title (link)
  21. ^ "Sovereigns rating list". Standard & Poor's. Retrieved 26 May 2011.
  22. ^ a b c Rogers, Simon; Sedghi, Ami (15 April 2011). "How Fitch, Moody's and S&P rate each country's credit rating". The Guardian. Retrieved 31 May 2011.
  23. ^ "Scope affirms the Grand Duchy of Luxembourg at AAA with Stable Outlook". Scope Ratings. Retrieved 25 May 2024.
  24. ^ "World Economic Outlook Database, October 2022". IMF.org. International Monetary Fund. 11 October 2022. Retrieved 13 October 2022.
  25. ^ "Social Expenditure – Aggregated data". Organisation for Economic Co-operation and Development.

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