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@Luxembourg:Economy

Economy - overview: The stable, high-income economy features moderate
growth, low inflation, and low unemployment. The industrial sector,
until recently dominated by steel, has become increasingly more
diversified to include chemicals, rubber, and other products. 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 - $14.7 billion (1999 est.)

GDP - real growth rate: 4.2% (1999 est.)

GDP - per capita: purchasing power parity - $34,200 (1999 est.)

GDP - composition by sector:
agriculture: 1%
industry: 23%
services: 76% (1999 est.)

Population below poverty line: NA%

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

Inflation rate (consumer prices): 1.1% (1999 est.)

Labor force: 236,400 (one-third of labor force is foreign workers,
mostly from Portugal, Italy, France, Belgium, and Germany) (1998 est.)

Labor force - by occupation: services 83.2%, industry 14.3%,
agriculture 2.5% (1998 est.)

Unemployment rate: 2.7% (1999 est.)

Budget:
revenues: $4.73 billion
expenditures: $4.71 billion, including capital expenditures of $NA
(2000 est.)

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

Industrial production growth rate: 1.6% (1999 est.)

Electricity - production: 382 million kWh (1998)

Electricity - production by source:
fossil fuel: 60.73%
hydro: 24.86%
nuclear: 0%
other: 14.41% (1998)

Electricity - consumption: 5.856 billion kWh (1998)

Electricity - exports: 900 million kWh (1998)

Electricity - imports: 6.4 billion kWh (1998)

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

Exports: $7.5 billion (f.o.b., 1998)

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

Exports - partners: Germany 33%, France 20%, Belgium 12%, UK 6%, US
5%,