ion, and low
unemployment. The industrial sector, initially dominated by steel,
has become increasingly diversified to include chemicals, rubber,
and other products. Growth in the financial sector, which now
accounts for about 22% of GDP, has more than compensated for the
decline in steel. Most banks are foreign-owned and have extensive
foreign dealings. Agriculture is based on small family-owned farms.
The economy depends on foreign and cross-border workers for more
than 30% of its labor force. Although Luxembourg, like all EU
members, has suffered from the global economic slump, the country
enjoys an extraordinarily high standard of living.

GDP (purchasing power parity):
$27.27 billion (2004 est.)

GDP - real growth rate:
2.3% (2004 est.)

GDP - per capita:
purchasing power parity - $58,900 (2004 est.)

GDP - composition by sector:
agriculture: 0.5%
industry: 16.3%
services: 83.1% (2004 est.)

Labor force:
293,700 (of whom 105,000 are foreign cross-border workers commuting
primarily from France, Belgium, and Germany) (2004 est.)

Labor force - by occupation:
agriculture 1%, industry 13%, services 86% (2004 est.)

Unemployment rate:
4.5% (December, 2004 est.)

Population below poverty line:
NA%

Household income or consumption by percentage share:
lowest 10%: NA%
highest 10%: NA%

Inflation rate (consumer prices):
2.4% (2004 est.)

Investment (gross fixed):
19.8% of GDP (2004 est.)

Budget:
revenues: $13.74 billion
expenditures: $14.49 billion, including capital expenditures of $760
million (2004 est.)

Agriculture - products:
barley, oats, potatoes, wheat, fruits, wine grapes; livestock
products

Industries:
banking, iron and steel, food processing, chemicals, metal
products, engineering, tires, glass, aluminum, information
technology, tourism and banking

Industrial production growth rate:
2.9% (2004 est.)

Electricity - production:
2.511 billion kWh (2002)

Electricity - production by source:
fossil fuel: 57.3%
hydro: 25.2%
nuclear: 0%
other: 17.5% (2001)

Electricity - consumption:
5.735 billion kWh (2002)

Electricity - exports:
2.9 billion kWh (2002)

Electricity - imports:
6.3 billion kWh (2002)

Oil - production:
0 bbl/day (2001 est.)

Oil - consumption:
50,650 bbl/day (2001 est.)

Oil - exports:
634 bbl/day (2001)

Oil - imports:
50,700 bbl/day (2001)

Natural