Economy of Luxembourg

Luxembourg, a country with a small but stable economy and high per capita income, thanks to its great fiscal competitiveness, many of the world's largest multinational companies such as Pepsi, Ikea, Accenture, Burberry, Procter & Gamble, Heinz, JP Morgan, FedEx, Amazon or Deutsche Bank, among others, have settled in Luxembourg. On the other hand, its proximity to France, Belgium and Germany has always facilitated solid economic growth, low inflation and low unemployment. Today, almost 60% of its workforce is foreign.

Its industrial sector, initially dominated by steel, is now diversified, including chemicals, rubber, and others. The financial sector is responsible for 28% of gross domestic product, and more than offset the decline in steel's share in the economy. Your specific place attracts tourism and earns currency.

The country, as well as others in the European Union, suffered from the crisis that began in 2008, but unemployment was below the EU average. The economy contracted 3.6% in 2009, but it recovered in 2010 and 2011.

Labor market

The Luxembourg labor market represents 445,000 jobs held by 120,000 Luxembourgers, 120,000 foreign residents and 205,000 cross-border workers. The latter pay their taxes in Luxembourg, but their training and social rights are paid by their country of residence. The same goes for pensioners. The Luxembourg government has always refused to share part of its tax revenue with the French border territorial authorities. This system is considered one of the keys to economic growth in Luxembourg, but to the detriment of the bordering countries.

Currency

Their previous currency was the Luxembourg Franc; since January 1, 1999 it is the euro.

• Luxembourg euro coins

Economic data of the population

Employed population: 265,800, data from 2015

Note: this does not include foreign workers. In addition to residents in the country, every day 150,000 workers cross the border, coming from France, Belgium and Germany - data from 2015.

In 2013, there were approximately 543,202 inhabitants

Population below the poverty line: No data

Foreign trade

Imports

Imports of Luxembourg for the period 2010-up to June 2015 expressed in USD value FOB. Source

The merchandise with the greatest weight in Luxembourg imports for the period 2010-until June 2015 is presented below. The figures are expressed in US dollars, FOB value.

Exports

Exports from Luxembourg from 2010 to June 2015 expressed in USD value FOB. Source

The main trading partners of Luxembourg for the period 2010-until June 2015 are presented below. Most of its importers are in Europe except the United States. The figures are expressed in US dollars FOB value