27, Apr 2015, EDT. Welcome to the Luxembourg economic statistics pages provided by the beta version of EconomyWatch.com's Econ Stats database.
Economic Indicators For: Luxembourg › Change country
National or Regional Currency: Euro, EUR
Year of data: 2014 › Change year
Number of Indicators Listed: 40
Full Dataset: From Year 1980 to 2019
Date of Last Update: 17th March 2015
Population: 520,672 (July 2014 est.)
Area: total: 2,586 sq km ; land: 2,586 sq km ; water: 0 sq km
Natural Resources: iron ore (no longer exploited), arable land
Capital: name: Luxembourg ; geographic coordinates: 49 36 N, 6 07 E ; time difference: UTC+1 (6 hours ahead of Washington, DC, during Standard Time) ; daylight saving time: +1hr, begins last Sunday in March; ends last Sunday in October
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, automobile components, and other products. Growth in the financial sector, which now accounts for about 36% 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 favorable tax location because of OECD and EU pressure. The economy depends on foreign and cross-border workers for about 40% 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 3.6% in 2009, but rebounded in 2010-11 before slowing again in 2012. 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. 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. Nevertheless, the deficit was cut to 1.1% in 2011 and 0.9% in 2012. Even during the financial crisis and recovery, Luxembourg retained the highest current account surplus as a share of GDP in the euro zone, owing largely to their strength in financial services. Public debt remains among the lowest of the region although it has more than doubled since 2007 as percentage of GDP. Luxembourg's economy, while stabile, grew slowly in 2012 due to ongoing weak growth in the euro area. Authorities have strengthened supervision of domestic banks because of their exposure to the activities of foreign banks.
More on the Luxembourg Economy
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GDP (Constant Prices, National Currency) for Luxembourg in year 2014 is EUR 34.915 Billion.
GDP (Current Prices, National Currency) for Luxembourg in year 2014 is EUR 47.196 Billion.
GDP (Current Prices, US Dollars) for Luxembourg in year 2014 is US$ 63.926 Billion.
GDP Deflator for Luxembourg in year 2014 is 135.175 (Index, Base Year as per country's accounts = 100).
GDP Per Capita (Current Prices, US Dollars) for Luxembourg in year 2014 is US$ 116,752.49 .
GDP (PPP), US Dollars for Luxembourg in year 2014 is US$ 50.651 Billion.
GDP Per Capita (PPP), US Dollars for Luxembourg in year 2014 is US$ 92,506.63 .
Investment (% of GDP) for Luxembourg in year 2014 is 18.753 %.
Inflation, Average Consumer Prices (Indexed to Year 2000) for Luxembourg in year 2014 is 124.087 (Index, Base Year 2000 = 100).
Inflation, End of Year (Indexed to Year 2000) for Luxembourg in year 2014 is 124.908 (Index, Base Year 2000 = 100).
Employment for Luxembourg in year 2014 is 0.389 Million .
Population for Luxembourg in year 2014 is 0.548 Million .
General government revenue (National Currency) for Luxembourg in year 2014 is EUR 20.703 Billions.
General government total expenditure (National Currency) for Luxembourg in year 2014 is EUR 20.53 Billions.
Total Government Net Lending/ Borrowing (National Currency) for Luxembourg in year 2014 is EUR 0.173 Billions.
General Government Structural Balance (National Currency) for Luxembourg in year 2014 is EUR 0.211 Billion.
Fiscal Year Gross Domestic Product, Current Prices for Luxembourg in year 2014 is EUR 47.196 Billions.
Current Account Balance (US Dollars) for Luxembourg in year 2014 is US$ 3.289 Billion.
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Data Sources: IMF, World Bank, UN, OECD, CIA World Factbook, Internet World Statistics, The Heritage Foundation and Transparency International