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Luxembourg Economy 1999
Economyoverview: The stable, prosperous economy features moderate growth, low inflation, and low unemployment. The industrial sector, until recently dominated by steel, has become increasingly more diversified. During the past decades, 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. Agriculture is based on small family-owned farms. Luxembourg has especially close trade and financial ties to Belgium and the Netherlands, and as a member of the EU, enjoys the advantages of the open European market. It joined with 10 other EU members to launch the euro on 1 January 1999. GDP: purchasing power parity$13.9 billion (1998 est.) GDPreal growth rate: 2.9% (1998 est.) GDPper capita: purchasing power parity$32,700 (1998 est.)
GDPcomposition by sector:
Population below poverty line: NA%
Household income or consumption by percentage share:
Inflation rate (consumer prices): 1.4% (1998) Labor force: 226,500 (one-third of labor force is foreign workers, mostly from Portugal, Italy, France, Belgium, and Germany) (1998 est.) Labor forceby occupation: services 83.2%, industry 14.3%, agriculture 2.5% (1998 est.) Unemployment rate: 3% (1998 est.)
Budget:
Industries: banking, iron and steel, food processing, chemicals, metal products, engineering, tires, glass, aluminum Industrial production growth rate: 3.3% (1995 est.) Electricityproduction: 1.158 billion kWh (1997)
Electricityproduction by source:
Electricityconsumption: 5.381 billion kWh (1996) Electricityexports: 800 million kWh (1996) Electricityimports: 5.8 billion kWh (1996) Agricultureproducts: barley, oats, potatoes, wheat, fruits, wine grapes; livestock products Exports: $7.1 billion (f.o.b., 1996) Exportscommodities: finished steel products, chemicals, rubber products, glass, aluminum, other industrial products Exportspartners: Germany 28%, France 18%, Belgium 15%, UK 7%, Netherlands 5% Imports: $9.4 billion (c.i.f., 1996) Importscommodities: minerals, metals, foodstuffs, quality consumer goods Importspartners: Belgium 38%, Germany 25%, France 11%, Netherlands 4% Debtexternal: $NA Economic aiddonor: ODA, $65 million (1995) Currency: 1 Luxembourg franc (LuxF) = 100 centimes; notecentimes no longer in use
Exchange rates:
Luxembourg francs (LuxF) per US$134.77 (January 1999), 36.299 (1998),
35.774 (1997), 30.962 (1996), 29.480 (1995), 33.456 (1994); notethe
Luxembourg franc is at par with the Belgian franc, which circulates freely
in Luxembourg
Fiscal year: calendar year
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