Boulevard
Emmanuel-Servais, 2535 Luxembourg City (mailing address is APO New York
09132); telephone [352] 460123

_#_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

_*_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: $6.9 billion, per capita $18,000; real growth rate 2.5%
(1990)

_#_Inflation rate (consumer prices): 3.5% (1990 est.)

_#_Unemployment rate: 1.3% (1990 est.)

_#_Budget: revenues $2.5 billion; expenditures $2.3 billion, including
capital expenditures of NA (1988)

_#_Exports: $5.4 billion (f.o.b., 1989);

commodities--finished steel products, chemicals, rubber products,
glass, aluminum, other industrial products;

partners--EC 75%, US 5%

_#_Imports: $6.2 billion (c.i.f., 1989 est.);

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 - 1% (1990 est.); accounts for
25% of GDP

_#_Electricity: 1,500,000 kW capacity; 1,163 million kWh produced,
3,170 kWh per capita (1989)

_#_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--31.102 (January
1991), 33.418 (1990), 39.404 (1989), 36.768 (1988), 37.334 (1987), 44.672
(1986), 59.378 (1985); note--the L