Economy of Luxembourg

Economy of Luxembourg
Currency	Euro (EUR, €)
Fiscal year	Calendar year
Trade organisations	EU, WTO and OECD
Country group	Developed/Advanced; High-income economy;
Statistics
Population	650,000 (1 January 2022)
GDP	$87 billion (nominal, 2023); $94 billion (PPP, 2023);
GDP rank	74th (nominal, 2023); 99th (PPP, 2023);
GDP growth	1.5% (2022); 1.1% (2023f); 1.7% (2024f);
GDP per capita	$132,372 (nominal, 2023); $142,490 (PPP, 2023);
GDP per capita rank	1st (nominal, 2023); 1st (PPP, 2023);
GDP by sector	agriculture: 5%; industry: 15%; services: 80%; (2017 est.);
Inflation (CPI)	5% (2021); 2% (2020);
Population below poverty line	20.6% at risk of poverty or social exclusion (AROPE, 2019)
Gini coefficient	32.3 medium (2019, Eurostat)
Human Development Index	0.930 very high (2021) (17th); 0.850 very high IHDI (16th) (2021);
Labour force	300,538 (2019); 72.1% employment rate (Target: 73%; 2018);
Labour force by occupation	agriculture: 1.1%; industry: 20%; services: 78.9%; (2017 est.);
Unemployment	6.8% (August 2020); 16.4% youth unemployment (Q4-2019);
Average gross salary	$7,000 / $8,000 monthly (2022)
Average net salary	€6,000 / $7,000 monthly (2022)
Main industries	banking and financial services, construction, real estate services, iron, metals, and steel, information technology, telecommunications, cargo transportation and logistics, chemicals, engineering, tires, glass, aluminum, tourism, biotechnology
External
Exports	$100 billion (2022 est.)
Export goods	machinery and equipment, steel products, chemicals, rubber products, glass
Main export partners	Germany(+) 25.6%; Belgium(+) 17.6%; France(+) 14%; Netherlands(+) 5.1%; Italy(+) 4.1%; United Kingdom(+) 4.1%; (2017);
Imports	$50 billion (2022 est.)
Import goods	commercial aircraft, minerals, chemicals, metals, foodstuffs, luxury consumer goods
Main import partners	Belgium(+) 32%; Germany(+) 24.9%; France(+) 11.1%; United States(+) 5.7%; Netherlands(+) 5.1%; China(+) 4.7%; (2017);
FDI stock	$50 billion (31 December 2021 est.); Abroad: NA
Current account	$3.112 billion (2017 est.)
Gross external debt	$5 trillion (31 March 2022 est.)
Public finances
Government debt	15% of GDP (2022); €20 billion (2022);
Budget balance	€5 billion surplus (2022); 5% of GDP (2022);
Revenues	30% of GDP (2019)
Expenses	25% of GDP (2019)
Economic aid	€65 million from European Structural and Investment Funds (2007–2013); €140 million from European Structural and Investment Funds (2014–2020);
Credit rating	Standard & Poor's:; AAA (Domestic); AAA (Foreign); AAA (T&C Assessment); Outlook: Stable; Moody's:; Aaa; Outlook: Stable; Fitch:; AAA; Outlook: Positive; Scope:; AAA; Outlook: Stable;
Foreign reserves	$1.5 billion (31 December 2021 est.)
	; All values, unless otherwise stated, are in US dollars.

The economy of Luxembourg is largely dependent on the banking, steel, and industrial sectors. Citizens of Luxembourg enjoy the highest per capita gross domestic product in the world, according to an IMF estimate in 2022.

Although Luxembourg in tourist literature is aptly called the "Green Heart of Europe", its pastoral land coexists with a highly industrialized and export-intensive area. Luxembourg's economy is quite similar to Germany's. Luxembourg enjoys a degree of economic prosperity very rare among industrialized democracies.

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