Luxembourg - Economy
How is the economy of Luxembourg? Based on the information we have, Luxembourg has a high-income EU and eurozone economy; global, highly capitalized banking sector; one of highest GDP-per-capita countries; trending toward recovery after economic contraction from energy-driven inflation, reduced exports and investments, and financial sector weakness. Key agricultural products in this country include: milk, wheat, barley, triticale, potatoes, pork, grapes, beef, oats, rapeseed (2022).
More about the economy of Luxembourg
| Labor force | 352,000 (2023 est.) |
|---|---|
| Industrial production growth rate | 0.49% (2023 est.) |
| 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 |
| Population below poverty line | 17.3% (2021 est.) |
| Taxes and other revenues | 25.97% (of GDP) (2022 est.) |
| Fiscal year | |
| Exchange rates | |
| Currency | euros (EUR) per US dollar - |
| Exchange rates 2023 | 0.925 (2023 est.) |
| Exchange rates 2022 | 0.95 (2022 est.) |
| Exchange rates 2021 | 0.845 (2021 est.) |
| Exchange rates 2020 | 0.876 (2020 est.) |
| Exchange rates 2019 | 0.893 (2019 est.) |
| Debt - external | |
| Debt - external 2019 | $4,266,792,000,000 (2019 est.) |
| Debt - external 2018 | $4,581,617,000,000 (2018 est.) |
| Reserves of foreign exchange and gold | |
| Reserves of foreign exchange and gold 2023 | $2.977 billion (2023 est.) |
| Reserves of foreign exchange and gold 2022 | $2.874 billion (2022 est.) |
| Reserves of foreign exchange and gold 2021 | $2.921 billion (2021 est.) |
| Current account balance | |
| Current account balance 2023 | $5.826 billion (2023 est.) |
| Current account balance 2022 | $6.168 billion (2022 est.) |
| Current account balance 2021 | $6.819 billion (2021 est.) |
| Public debt | |
| Public debt 2017 | 23% of GDP (2017 est.) |
| Budget | |
| Revenues | $31.74 billion (2019 est.) |
| Expenditures | $30.014 billion (2019 est.) |
| Budget surplus (+) or deficit (-) | |
| Remittances | |
| Remittances 2023 | 2.72% of GDP (2023 est.) |
| Remittances 2022 | 2.72% of GDP (2022 est.) |
| Remittances 2021 | 2.83% of GDP (2021 est.) |
| Household income | |
| Lowest 10% | 2.8% (2021 est.) |
| Highest 10% | 24.6% (2021 est.) |
| Imports | |
| Imports 2023 | $146.807 billion (2023 est.) |
| Imports 2022 | $141.761 billion (2022 est.) |
| Imports 2021 | $152.01 billion (2021 est.) |
| Imports (partners) | Belgium 26%, Germany 26%, France 11%, Netherlands 6%, US 3% (2022) |
| Comodities Imports force | refined petroleum, cars, electricity, natural gas, scrap iron (2022) |
| Exports | |
| Imports 2023 | $146.807 billion (2023 est.) |
| Imports 2022 | $141.761 billion (2022 est.) |
| Imports 2021 | $152.01 billion (2021 est.) |
| Exports (partners) | Germany 20%, France 15%, Belgium 10%, Netherlands 8%, Italy 4% (2022) |
| Comodities Exports force | iron blocks, plastic products, rubber tires, plastics, gas turbines (2022) |
| Real GDP (purchasing power parity) | |
| Real GDP (purchasing power parity) 2023 | $88.533 billion (2023 est.) |
| Real GDP (purchasing power parity) 2022 | $89.514 billion (2022 est.) |
| Real GDP (purchasing power parity) 2021 | $88.295 billion (2021 est.) |
| GDP (official exchange rate) | $85.755 billion (2023 est.) |
| Real GDP Per capita | |
| Real GDP per capita 2023 | $132,400 (2023 est.) |
| Real GDP per capita 2022 | $137,100 (2022 est.) |
| Real GDP per capita 2021 | $137,900 (2021 est.) |
| GDP - composition, by sector of origin | |
| Agriculture | 0.3% (2017 est.) |
| Industry | 12.8% (2017 est.) |
| Services | 86.9% (2017 est.) |
| GDP - composition, by end use | |
| Household consumption | 30.2% (2017 est.) |
| Government consumption | 16.5% (2017 est.) |
| Investment in fixed capital | 16.2% (2017 est.) |
| Investment in inventories | 1.1% (2017 est.) |
| Exports of goods and services | 230% (2017 est.) |
| Imports of goods and services | -194% (2017 est.) |
| Unemployment rate | |
| Unemployment rate 2023 | 5.19% (2023 est.) |
| Unemployment rate 2022 | 4.59% (2022 est.) |
| Unemployment rate 2021 | 5.25% (2021 est.) |
| Youth unemployment rate (ages 15-24) | |
| Total | 19% (2023 est.) |
| Male | 15.7% (2023 est.) |
| Female | 22.9% (2023 est.) |
All Important Facts about Luxembourg
Want to know more about Luxembourg? Check all different factbooks for Luxembourg below.
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Luxembourg Factbook
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The Economy of Luxembourg
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Learn about the Government of Luxembourg
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Communication in Luxembourg
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Popular Universities in Luxembourg
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Enerny in Luxembourg
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Transport in Luxembourg
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The Geography and society of Luxembourg
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The Environment of Luxembourg
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Military and security in Luxembourg