PSC 11 (mailing address is APO AE 09132-5380); telephone
[352] 460123; FAX [352] 461401
Flag:
three equal horizontal bands of red (top), white, and light blue; similar to
the flag of the Netherlands, which uses a darker blue and is shorter; design
was based on the flag of France

:Luxembourg 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 to the
Netherlands.
GDP:
purchasing power equivalent - $7.83 billion, per capita $20,200; real growth
rate 2.5% (1991 est.)
Inflation rate (consumer prices):
3.7% (1990)
Unemployment rate:
1.3% (1990)
Budget:
revenues $2.5 billion; expenditures $2.3 billion, including capital
expenditures of NA (1988)
Exports:
$6.3 billion (f.o.b., 1990)
commodities:
finished steel products, chemicals, rubber products, glass, aluminum, other
industrial products
partners:
EC 75%, US 5%
Imports:
$7.5 billion (c.i.f., 1990)
commodities:
minerals, metals, foodstuffs, quality consumer goods
partners:
Belgium 37%, FRG 31%, France 12%, US 2%
External debt:
$131.6 million (1989 est.)
Industrial production:
growth rate - 0.5% (1990); accounts for 25% of GDP
Electricity:
1,500,000 kW capacity; 1,163 million kWh produced, 3,170 kWh per capita
(1991)
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
Economic aid:
none
Currency:
Luxembourg franc (plural - francs); 1 Luxembourg franc (LuxF) = 100 centimes
Exchange rates:
Luxembourg francs (LuxF) per US$1 - 32.462 (January 1992), 34.148 (1991),
33.418 (1990), 3