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.)
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 $33.533 billion (2022 est.)
Expenditures $33.054 billion (2022 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 0.2% (2023 est.)
Industry 10.5% (2023 est.)
Services 80.6% (2023 est.)
GDP - composition, by end use
Household consumption 32.2% (2023 est.)
Government consumption 19% (2023 est.)
Investment in fixed capital 18.1% (2023 est.)
Investment in inventories -0.2% (2023 est.)
Exports of goods and services 212.5% (2023 est.)
Imports of goods and services -181.7% (2023 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.

Luxembourg is found in Western Europe