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- Economy
-
- 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 with the Netherlands.
-
- GDP: $6.3 billion, per capita $17,200; real growth rate 4%
- (1989 est.).
-
- Inflation rate (consumer prices): 3.0% (1989 est.).
-
- Unemployment rate: 1.6% (1989 est.).
-
- Budget: revenues $2.5 billion; expenditures $2.3 billion,
- including capital expenditures of NA (1988).
-
- Exports: $4.7 billion (f.o.b., 1988); commodities--finished
- steel products, chemicals, rubber products, glass, aluminum,
- other industrial products; partners--EC 75%, US 6%.
-
- Imports: $5.9 billion (c.i.f., 1988 est.); commodities--minerals,
- metals, foodstuffs, quality consumer goods; partners--FRG 40%,
- Belgium 35%, France 15%, US 3%.
-
- External debt: $131.6 million (1989 est.).
-
- Industrial production: growth rate 5% (1989 est.).
-
- Electricity: 1,500,000 kW capacity; 1,163 million kWh produced,
- 3,170 kWh per capita (1989).
-
- Industries: banking, iron and steel, food processing, chemicals,
- metal products, engineering, tires, glass, aluminum.
-
- Agriculture: accounts for less than 3% of GDP (including
- forestry); principal products--barley, oats, potatoes, wheat,
- fruits, wine grapes; cattle raising widespread.
-
- Aid: none.
-
- Currency: Luxembourg franc (plural--francs); 1 Luxembourg
- franc (LuxF) = 100 centimes.
-
- Exchange rates: Luxembourg francs (LuxF) per US$1--35.468
- (January 1990), 39.404 (1989), 36.768 (1988), 37.334 (1987),
- 44.672 (1986), 59.378 (1985); note--the Luxembourg franc
- is at par with the Belgian franc, which circulates freely
- in Luxembourg.
-
- Fiscal year: calendar year.
-