Economy of Luxembourg

National economy

Economy of LuxembourgFile:Luxembourg City Night Wikimedia Commons.jpg

Currency| Euro (EUR, €)

Fiscal year

| Calendar year

Trade organisations

| EU, WTO and OECD

Country group

* Developed/Advanced[1]
* High-income economy[2]

Statistics
Population|  650,000 (1 January 2022)[3]
GDP|

* $150 billion (nominal, 2022)[4]
* $200 billion (PPP, 2022)[4]

GDP rank|

* 69th (nominal, 2019)
* 100th (PPP, 2020)

GDP growth

* 3.1% (2018) 2.3% (2019)
* −5.8% (2020e) 5.9% (2021e)[4]

GDP per capita

* $120,500 (nominal, 2022 est.)[4]
* $130,000 (PPP, 2022 est.)[4]

GDP per capita rank

* 1st (nominal, 2022)
* 2nd (PPP, 2022)

GDP by sector

* agriculture: 5%
* industry: 15%
* services: 80%
* (2017 est.)[5]

Inflation (CPI)

* 5% (2021)[4]
* 2% (2020)[4]

Population below poverty line

| Positive decrease 20.6% at risk of poverty or social exclusion (AROPE, 2019)[6]

Gini coefficient

| Negative increase 32.3 medium (2019, Eurostat)[7]

Human Development Index

* 0.909 very high (2018)[8] (21st)
* 0.822 very high IHDI (2018)[9]

Labour force

* 300,538 (2019)[10]
* 72.1% employment rate (Target: 73%; 2018)[11]

Labour force by occupation

* agriculture: 1.1%
* industry: 20%
* services: 78.9%
* (2017 est.)[5]

Unemployment|

* Positive decrease 6.8% (August 2020)[12]
* Positive decrease 16.4% youth unemployment (Q4-2019)[13]

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

Ease-of-doing-business rank

|  72nd (easy, 2020)[14]
External
Exports|  $100 billion (2022 est.)[5]

Export goods

| machinery and equipment, steel products, chemicals, rubber products, glass

Main export partners

* File:Flag of Germany.svg Germany(+) 25.6%
* File:Flag of Belgium (civil).svg Belgium(+) 17.6%
* France(+) 14%
* Netherlands(+) 5.1%
* File:Flag of Italy.svg Italy(+) 4.1%
* File:Flag of the United Kingdom (3-5).svg United Kingdom(+) 4.1%
* (2017)[5]

Imports|  $50 billion (2022 est.)[5]

Import goods

| commercial aircraft, minerals, chemicals, metals, foodstuffs, luxury consumer goods

Main import partners

* File:Flag of Belgium (civil).svg Belgium(+) 32%
* File:Flag of Germany.svg Germany(+) 24.9%
* France(+) 11.1%
* United States(+) 5.7%
* Netherlands(+) 5.1%
* File:Flag of the People's Republic of China.svg China(+) 4.7%
* (2017)[5]

FDI stock

| $50 billion (31 December 2021 est.)[5]
Abroad: NA[5]

Current account

|  $3.112 billion (2017 est.)

Gross external debt

| Positive decrease $5 trillion (31 March 2022 est.)[5]
Public finances

Public debt

* 15% of GDP (2022)[15]
* €20 billion (2022)[15]

Budget balance

* €5 billion surplus (2022)[15]
* 5% of GDP (2022)[15]

Revenues| 30% of GDP (2019)[15]
Expenses| 25% of GDP (2019)[15]
Economic aid| donor: ODA, $0.24 billion (2004[update])

Credit rating

* Standard & Poor's:[16]
* AAA (Domestic)
* AAA (Foreign)
* AAA (T&C Assessment)
* Outlook: Stable[17]
* Moody's:[17]
* Aaa
* Outlook: Stable
* Fitch:[17]
* AAA
* Outlook: Positive
* Scope:[18]
* AAA
* Outlook: Stable

Foreign reserves

|  $1.5 billion (31 December 2021 est.)[5]

All values, unless otherwise stated, are in US dollars.

File:Labour productivity levels in europe.svg

The labour productivity level of Luxembourg is one of the highest in Europe. OECD, 2012.

The economy of Luxembourg is largely dependent on the banking, steel, and industrial sectors. Luxembourgers enjoy the highest per capita gross domestic product in the world (CIA 2018 est.).

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.

In 2009, a budget deficit of 5% resulted from government measures to stimulate the economy, especially the banking sector, as a result of the Great Recession. This was however reduced to 1.4% in 2010.[19]

For 2017 the (expected) figures are as follows: Growth 4.6%; Inflation 1.0%; Budget deficit 1.7%, to be reduced to 0.8% in 2020; Debt: 20.4%, no new debts to be taken in the fiscal year.[20]

## Contents

* 1 Sectors
* 1.1 Banking
* 1.2 Steel
* 1.3 Telecommunications
* 1.4 Tourism
* 1.5 Agriculture
* 2 Data
* 3 Accounting principles
* 4 Labour relations
* 5 Energy
* 6 Spaceflight and space resource extraction
* 7 Transportation
* 8 Prospects
* 9 See also
* 10 References
* 11 Further reading
* 12 Notes
* 13 External links

## Sectors[edit | edit source]

In 2013 the GDP was $60.54 billion of which services, including the financial sector, produced 86%. The financial sector comprised 36% of GDP, industry comprised 13.3% and agriculture only 0.3%.[21]

### Banking[edit | edit source]

File:Euro banknotes 2002.png

Luxembourg has been part of the eurozone since 1999.

Banking is the largest sector in the Luxembourg economy. In the 2019 Global Financial Centres Index, Luxembourg was ranked as having the 25th most competitive financial center in the world, and third most competitive in Europe after London and Zürich.[22] The country has specialised in the cross-border fund administration business. As Luxembourg's domestic market is relatively small, the country's financial centre is predominantly international. At the end of March 2009, there were 152 banks in Luxembourg, with over 27,000 employees. Political stability, good communications, easy access to other European centres, skilled multilingual staff, a tradition of banking secrecy and cross-border financial expertise have all contributed to the growth of the financial sector. These factors have contributed to a Corruption Perceptions Index of 8.3 and a DAW Index ranking of 10 in 2012; the latter the highest in Europe.[23] Germany accounts for the largest-single grouping of banks, with Scandinavian, Japanese, and major US banks also heavily represented. Total assets exceeded €929 billion at the end of 2008. More than 9,000 holding companies are established in Luxembourg. The European Investment Bank—the financial institution of the European Union—is also located there.

Concern about Luxembourg's banking secrecy laws, and its reputation as a tax haven, led in April 2009 to it being added to a "grey list" of nations with questionable banking arrangements by the G20,[24] a list from which it was removed in 2009.[25] This concern has led Luxembourg to modify its tax legislation to avoid conflict with the tax authorities of European Union Members. For example, the classic tax exempt 1929 Holding Company was outlawed 31 December 2010, as it was deemed an illegal state aid by the European Commission.[26]

### Steel[edit | edit source]

A key event in the economic history of Luxembourg was the 1876 introduction of English metallurgy[citation needed]. The refining process led to the development of the steel industry in Luxembourg and founding of the Arbed company in 1911.

The restructuring of the industry and increasing government ownership in Arbed (31%) began as early as 1974. As a result of timely modernization of facilities, cutbacks in production and employment, government assumption of portions of Arbed's debt, and recent cyclical recovery of the international demand for steel, the company is again profitable. Its productivity is among the highest in the world. US markets account for about 6% of Arbed's output. The company specializes in production of large architectural steel beams and specialized value-added products. There has been, however, a relative decline in the steel sector, offset by Luxembourg's emergence as a financial center. In 2001, through the merger with Aceralia and Usinor, Arbed became Arcelor. Arcelor was taken over in 2006 by Mittal Steel to form Arcelor-Mittal, helmed by Lakshmi Mittal, the largest steel producer in the world.

### Telecommunications[edit | edit source]

Main article: Telecommunications in Luxembourg

Government policies promote the development of Luxembourg as an audiovisual and communications center. Radio-Television-Luxembourg is Europe's premier private radio and television broadcaster. The government-backed Luxembourg satellite company "Société européenne des satellites" (SES) was created in 1986 to install and operate a satellite telecommunications system for transmission of television programs throughout Europe. The first SES Astra satellite, the 16-channel RCA 4000 Astra 1A, was launched by the Ariane Rocket in December 1988. SES presently constitutes the world largest satellite services company in terms of revenue.

### Tourism[edit | edit source]

Main article: Tourism in Luxembourg

Tourism is an important component of the national economy, representing about 8.3% of GDP in 2009 and employing some 25,000 people or 11.7% of the working population.[27] Despite the current crisis, the Grand Duchy still welcomes over 900,000 visitors a year who spend an average of 2.5 nights in hotels, hostels or on camping sites.[28] Business travel is flourishing representing 44% of overnight stays in the country and 60% in the capital, up 11% and 25% between 2009 and 2010.[29]

### Agriculture[edit | edit source]

Luxembourg's small but productive agricultural sector is highly subsidized, mainly by the EU and the government. It employs about 1–3% of the work force. Most farmers are engaged in dairy and meat production. Vineyards in the Moselle Valley annually produce about 15 million litres of dry white wine, most of which is consumed within Luxembourg and also in Germany, France, and Belgium on a lesser scale.

## Data[edit | edit source]

The following table shows the main economic indicators in 1980–2017. Inflation under 2% is in green.[30]

Year  | GDP
(in Bil. US$ PPP) | GDP per capita
(in US$ PPP) | GDP growth
(real) | Inflation rate
(in Percent) | Unemployment
(in Percent) | Government debt
(in % of GDP)

|
|
|
|
|
|

1980  | 5.7  | 15,611  | 3.2%  | Negative increase6.3%  | 0.7%  | n/a
1981  | 6.3  | 17,153  | 0.8%  | Negative increase8.1%  | Negative increase1.0%  | n/a
1982  | 6.7  | 18,391  | 1.0%  | Negative increase9.4%  | Negative increase1.3%  | n/a
1983  | 7.1  | 19,478  | 1.9%  | Negative increase8.7%  | Negative increase1.6%  | n/a
1984  | 7.7  | 21,106  | 4.7%  | Negative increase5.6%  | Negative increase1.7%  | n/a
1985  | 8.4  | 22,956  | 5.6%  | Negative increase14.8%  | Steady1.7%  | n/a
1986  | 9.4  | 25,638  | 10.0%  | 0.3%  | Positive decrease1.5%  | n/a
1987  | 10.1  | 27,155  | 4.0%  | Positive decrease−0.1%  | Negative increase1.7%  | n/a
1988  | 11.3  | 30,223  | 8.5%  | 1.4%  | Positive decrease1.5%  | n/a
1989  | 12.9  | 34,137  | 9.8%  | Negative increase3.4%  | Positive decrease1.4%  | n/a
1990  | 14.1  | 36,863  | 5.3%  | Negative increase3.7%  | Positive decrease1.3%  | n/a
1991  | 15.8  | 40,826  | 8.6%  | Negative increase3.1%  | Negative increase1.4%  | n/a
1992  | 16.5  | 41,943  | 1.8%  | Negative increase3.2%  | Negative increase1.6%  | n/a
1993  | 17.6  | 44,115  | 4.2%  | Negative increase3.6%  | Negative increase2.1%  | n/a
1994  | 18.6  | 46,104  | 3.8%  | Negative increase2.2%  | Negative increase2.7%  | n/a
1995  | 19.3  | 47,516  | 1.4%  | 1.9%  | Negative increase3.0%  | 8.9%
1996  | 19.9  | 48,412  | 1.5%  | 1.2%  | Negative increase3.2%  | Positive decrease8.6%
1997  | 21.5  | 51,502  | 5.9%  | 1.4%  | Negative increase3.3%  | Positive decrease8.5%
1998  | 23.1  | 54,757  | 6.5%  | 1.0%  | Positive decrease3.1%  | Positive decrease8.1%
1999  | 25.4  | 59,529  | 8.4%  | 1.0%  | Positive decrease2.9%  | Positive decrease7.1%
2000  | 28.8  | 65,079  | 8.4%  | Negative increase3.8%  | Positive decrease2.2%  | Positive decrease6.5%
2001  | 29.6  | 67,331  | 2.5%  | Negative increase2.4%  | Positive decrease2.0%  | Negative increase6.9%
2002  | 31.2  | 70,249  | 3.8%  | Negative increase2.1%  | Negative increase2.5%  | Positive decrease6.8%
2003  | 32.3  | 72,127  | 1.6%  | Negative increase2.5%  | Negative increase3.3%  | Steady6.8%
2004  | 34.4  | 75,663  | 3.6%  | Negative increase3.2%  | Negative increase4.0%  | Negative increase7.3%
2005  | 36.7  | 79,480  | 3.2%  | Negative increase3.7%  | Steady4.0%  | Negative increase7.4%
2006  | 39.7  | 84,722  | 5.2%  | Negative increase3.0%  | Steady4.0%  | Negative increase7.8%
2007  | 44.2  | 92,837  | 8.4%  | Negative increase2.7%  | Steady4.0%  | Positive decrease7.7%
2008  | 44.5  | 91,977  | −1.3%  | Negative increase4.1%  | Negative increase4.1%  | Negative increase14.9%
2009  | 42.9  | 86,894  | −4.4%  | 0.0%  | Negative increase5.6%  | Negative increase15.7%
2010  | 45.5  | 90,662  | 4.9%  | Negative increase2.8%  | Negative increase6.0%  | Negative increase19.8%
2011  | 47.6  | 92,970  | 2.5%  | Negative increase3.7%  | Steady6.0%  | Positive decrease18.7%
2012  | 48.3  | 92,102  | −0.4%  | Negative increase2.9%  | Negative increase6.1%  | Negative increase21.7%
2013  | 50.9  | 94,824  | 3.7%  | 1.7%  | Negative increase6.8%  | Negative increase23.7%
2014  | 54.8  | 99,738  | 5.8%  | 0.7%  | Negative increase7.1%  | Positive decrease22.7%
2015  | 57.0  | 101,255  | 2.9%  | 0.1%  | Positive decrease6.8%  | Positive decrease22.0%
2016  | 59.5  | 103,286  | 3.1%  | 0.0%  | Positive decrease6.3%  | Positive decrease20.8%
2017  | 62.8  | 106,373  | 3.5%  | Negative increase2.1%  | Positive decrease5.8%  | Negative increase23.0%

## Accounting principles[edit | edit source]

Establishing accounts depends on the size of companies, and referring to three criteria: total of the balance sheet (total of assets without losses of the accounting year), the net amount of the turnover (net, such as it appears on the profit and loss account) and the average number of the workforce.

The control of medium and big companies must be made by one or several independent auditors of companies, appointed by the general assembly among the members of the Institute of Independent Auditors of Companies. The control of small companies must be made by an accountant appointed by the general assembly for definite duration. The conclusion of the independent auditor's report can be:

* A certificate without reserve, that is to say an approval
* A certificate with reserves, that is to say that there is approval with reserves because of discords or doubts
* A refusal to give a certificate

The accountants associations have difficulties getting organized because of the importance of the State in the accounting system.

## Labour relations[edit | edit source]

Labour relations have been peaceful since the 1930s. Most industrial workers are organized by unions linked to one of the major political parties. Representatives of business, unions, and government participate in the conduct of major labour negotiations.

Foreign investors often cite Luxembourg's labour relations as a primary reason for locating in the Grand Duchy. Unemployment in 1999 averaged less than 2.8% of the workforce, but reached 4.4% by 2007.

## Energy[edit | edit source]

Main article: Energy in Luxembourg

In 1978, Luxembourg tried to build a 1,200 MW nuclear reactor but dropped the plans after threats of major protests.[31] Currently, Luxembourg uses imported oil and natural gas for the majority of its energy generation.[32]

## Spaceflight and space resource extraction[edit | edit source]

Luxembourg is a member of the European Space Agency[33] where Luxembourg contributed 23 million Euros in 2015.[34]

The world's biggest satellite operator (SES Global) has its origin and headquarters in Betzdorf, Luxembourg.[35]

In February 2016, the Government of Luxembourg announced that it would attempt to "jump-start an industrial sector to mine asteroid resources in space" by, among other things, creating a "legal framework" and regulatory incentives for companies involved in the industry.[36][37] By June 2016, announced that it would "invest more than US$200 million in research, technology demonstration, and in the direct purchase of equity in companies relocating to Luxembourg."[38] By April 2017, three space mining corporations had established headquarters established in Luxembourg.[39]

Luxembourg's new law took effect in August 2017, ensuring that private operators can be confident about their rights on resources they extract in space. The law provides that space resources can be owned by anyone, not just by Luxembourg citizens or companies."[40]

## Transportation[edit | edit source]

Main article: Transportation in Luxembourg

Luxembourg has efficient road, rail and air transport facilities and services. The road network has been significantly modernised in recent years with 147 km of motorways connecting the capital to adjacent countries. The advent of the high-speed TGV link to Paris has led to renovation of the city's railway station while a new passenger terminal at Luxembourg Airport has recently been opened. The airport has known a sustained growth in passenger numbers during the last years (2015: 2.7 mio, 2020 : 4 mio expected), and the second stage of expansion is on its way.

Trams have been reintroduced to the capital (first core line operative in end 2017) and further lines are planned, including a tram/light-rail to Esch-sur-Alzette. In 2019, almost all public transport was made free to use for both residents and visitors.

## Prospects[edit | edit source]

According to a note from the Luxembourg statistical agency, the Luxembourg economy was set to grow 4.0% in 2011. The economic situation was particularly dynamic in late 2010 and early 2011 but there were signs of a slowdown, both in the international economic environment and in terms of national indicators.[41] GDP growth was set to enter a recession in 2012.[42]

## See also[edit | edit source]

* Economy of Europe
* List of companies of Luxembourg
* The Integrated Traffic and Landscape Concept for the Grand Duchy of Luxembourg
* Social Welfare in Luxembourg
* Luxembourg for Finance

## References[edit | edit source]

1. ^ "World Economic Outlook Database, April 2019". IMF.org. International Monetary Fund. Retrieved 29 September 2019.
2. ^ "World Bank Country and Lending Groups". datahelpdesk.worldbank.org. World Bank. Retrieved 29 September 2019.
3. ^ "Population on 1 January". ec.europa.eu/eurostat. Eurostat. Retrieved 13 July 2020.
4. ^ a b c d e f g "World Economic Outlook Database, October 2020". IMF.org. International Monetary Fund. Retrieved 22 October 2020.
5. ^ a b c d e f g h i j "The World Factbook". CIA.gov. Central Intelligence Agency. Retrieved 25 May 2019.
6. ^ "People at risk of poverty or social exclusion". ec.europa.eu/eurostat. Eurostat. Retrieved 25 October 2020.
7. ^ "Gini coefficient of equivalised disposable income - EU-SILC survey". ec.europa.eu/eurostat. Eurostat. Retrieved 25 October 2020.
8. ^ "Human Development Index (HDI)". hdr.undp.org. HDRO (Human Development Report Office) United Nations Development Programme. Retrieved 11 December 2019.
9. ^ "Inequality-adjusted HDI (IHDI)". hdr.undp.org. UNDP. Retrieved 22 May 2020.
10. ^ "Labor force, total - Luxembourg". data.worldbank.org. World Bank. Retrieved 1 November 2019.
11. ^ "Employment rate by sex, age group 20-64". ec.europa.eu/eurostat. Eurostat. Retrieved 25 May 2019.
12. ^ "Unemployment by sex and age - monthly average". appsso.eurostat.ec.europa.eu. Eurostat. Retrieved 4 October 2020.
13. ^ "Youth unemployment rate". data.oecd.org. OECD. Retrieved 3 April 2020.
14. ^ "Ease of Doing Business in Luxembourg". Doingbusiness.org. Retrieved 21 November 2017.
15. ^ a b c d e f "Euro area and EU27 government deficit both at 0.5% of GDP" (PDF). ec.europa.eu/eurostat. Eurostat. Retrieved 28 April 2020.
16. ^ "Sovereigns rating list". Standard & Poor's. Retrieved 26 May 2011.
17. ^ a b c Rogers, Simon; Sedghi, Ami (15 April 2011). "How Fitch, Moody's and S&P rate each country's credit rating". The Guardian. Retrieved 31 May 2011.
18. ^ "Scope affirms Luxembourg's credit ratings at AAA with a Stable Outlook". Scope Ratings. Retrieved 18 March 2022.
19. ^ "Luxembourg", CIA – The World Fact Book. Retrieved 8 September 2010.
20. ^ "Pierre Gramegna: Scholdespiral gebrach a Staat stellt an". RTL.lu. 13 October 2016. Retrieved 12 January 2018.
21. ^ "The World Factbook". Central Intelligence Agency. 20 June 2014. Retrieved 16 November 2014.
22. ^ "The Global Financial Centres Index 21" (PDF). Long Finance. March 2017. Archived from the original (PDF) on 11 June 2017.
23. ^ Transparency International, 2008
24. ^ "Country profile: Luxembourg". BBC. 8 November 2011. Retrieved 31 December 2018.
25. ^ "Luxembourg and Belgium removed from 'grey list'". European voice. 29 July 2009.
26. ^ Luxembourg Company Registration Healy Consultants Retrieved 3 September 2013.
27. ^ "Lux is the place to be for business travellers", News 352, 10 February 2011. Retrieved 14 February 2011.
28. ^ "Bulletin du Statec n°6-2010". (in French) Retrieved 14 February 2011.
29. ^ "La saison touristique 2010 : une stabilisation à bas niveau", Ministère des Classes moyennes et du Tourisme. (in French) Retrieved 14 February 2011.
30. ^ "Report for Selected Countries and Subjects". www.imf.org. Retrieved 7 October 2018.
31. ^ "Reactors." Wise – Nuclear issues information services. July 1978. <http://www10.antenna.nl/wise/index.html?http://www10.antenna.nl/wise/b2/reactors.html>
32. ^ "LUXEMBOURG – Energy Mix Fact Sheet." Europa. January 2007. "Archived copy" (PDF). Archived from the original (PDF) on 19 December 2008. Retrieved 25 September 2008.`{{cite web}}`: CS1 maint: archived copy as title (link)
33. ^ "About ESA - Romania accedes to ESA Convention". ESA. Archived from the original on 15 January 2012. Retrieved 14 January 2012.
34. ^ "ESA Budget for 2015". esa.int. 16 January 2015.
35. ^ "Our History". SES - Beyond Frontiers. SES. Retrieved 23 January 2018.
36. ^ de Selding, Peter B. (3 February 2016). "Luxembourg to invest in space-based asteroid mining". SpaceNews. Retrieved 6 February 2016. "The Luxembourg government on 3 Feb. announced it would seek to jump-start an industrial sector to mine asteroid resources in space by creating regulatory and financial incentives."
37. ^ "Luxembourg plans to pioneer asteroid mining". ABC News. 3 February 2016. Retrieved 8 February 2016. "The Government said it planned to create a legal framework for exploiting resources beyond Earth's atmosphere, and said it welcomed private investors and other nations."
38. ^ de Selding, Peter B. (3 June 2016). "Luxembourg invests to become the 'Silicon Valley of space resource mining'". SpaceNews. Retrieved 4 June 2016.
39. ^ "Space Resources".
40. ^ Cookson, Clive (19 October 2017). "Space mining takes giant leap from sci-fi to reality". Financial Times.
41. ^ "Business and Economy", Embassy of Luxembourg in Washington. Retrieved 8 September 2011.
42. ^ "Growth in 2012", Which economies will grow and shrink the fastest in 2012?. The Economist online 4 January 2012.

## Further reading[edit | edit source]

* Kirsch, R. (1971). La croissance de l'économie luxembourgeoise. Luxembourg City.
* Bauler, A. (2001). Les fruits de la souveraineté nationale. Essai sur le développement de l'économie luxembourgeoise de 1815 à 1999: une vue institutionnelle. Luxembourg City.
* Leboutte, R.; Puissant, J.; Scuto, D. (1998). Un siècle d'Histoire industrielle (1873–1973). Belgique, Luxembourg, Pays-Bas. Industrialisation et sociétés. Brussels.
* Majerus, Benoît & Benjamin Zenner (2020) "Too small to be of interest, too large to grasp? Histories of the Luxembourg financial centre." European Review of History
* Margue, P.; Jungblut, M.-P. (1990). Le Luxembourg et sa monnaie. Luxembourg City.
* Trausch, G.; de Vreese, M. (1995). Luxembourg et les banques. De la révolution industrielle au 7e centre financier mondial. Luxembourg City.
* Trausch, Gérard (July 2012). Les mutations économiques et sociales de la société luxembourgeoise depuis la révolution française (PDF). Cahiers économiques (in French). Luxembourg City: STATEC.
* Weber, P. (1950). Histoire de l'économie luxembourgeoise. Luxembourg City.
* Wey, C., ed. (1999). L'économie luxembourgeoise au 20e siècle. Luxembourg City.

## Notes[edit | edit source]

## External links[edit | edit source]

* Economic Survey of Luxembourg 2012 from the Organisation for Economic Co-operation and Development (OECD)
* OECD general page on Luxembourg
* Government statistics (in French)
* Luxembourg in The World Factbook

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* Sanitary and Phytosanitary Measures
* Technical Barriers to Trade
* Trade-Related Investment Measures
* Trade in Services
* Trade-Related Aspects of Intellectual Property Rights
* Government Procurement
* Information Technology
* Marrakesh Agreement
* Doha Declaration
* Bali Package

Ministerial
Conferences|

* 1st (1996)
* 2nd (1998)
* 3rd (1999)
* 4th (2001)
* 5th (2003)
* 6th (2005)
* 7th (2009)
* 8th (2011)
* 9th (2013)
* 10th (2015)
* 11th (2017)

People|

* Ngozi Okonjo-Iweala (Director-General)
* Roberto Azevêdo
* Pascal Lamy
* Supachai Panitchpakdi
* Alejandro Jara
* Rufus Yerxa

Members|

* Afghanistan
* Albania
* Algeria
* Angola
* Antigua and Barbuda
* Argentina
* Armenia
* Australia
* Bahrain
* Bangladesh
* Barbados
* Belize
* Benin
* Bolivia
* Botswana
* Brazil
* Brunei
* Burkina Faso
* Myanmar
* Burundi
* Cambodia
* Cameroon
* Canada
* Cape Verde
* Central African Republic
* Chad
* Chile
* China
* Colombia
* Democratic Republic of the Congo
* Republic of the Congo
* Costa Rica
* Ivory Coast
* Cuba
* Djibouti
* Dominica
* Dominican Republic
* Ecuador
* Egypt
* El Salvador
* Eswatini
* Fiji
* Gabon
* The Gambia
* Georgia
* Ghana
* Grenada
* Guatemala
* Guinea
* Guinea-Bissau
* Guyana
* Haiti
* Honduras
* Hong Kong1
* Iceland
* India
* Indonesia
* Israel
* Jamaica
* Japan
* Jordan
* Kazakhstan
* Kenya
* South Korea
* Kuwait
* Kyrgyzstan
* Laos
* Lesotho
* Liberia
* Liechtenstein
* Macau1
* Madagascar
* Malawi
* Malaysia
* Maldives
* Mali
* Mauritania
* Mauritius
* Mexico
* Moldova
* Mongolia
* Montenegro
* Morocco
* Mozambique
* Namibia
* Nepal
* New Zealand
* Nicaragua
* Niger
* Nigeria
* North Macedonia
* Norway
* Oman
* Pakistan
* Panama
* Papua New Guinea
* Paraguay
* Peru
* Philippines
* Qatar
* Russia
* Rwanda
* St. Kitts and Nevis
* St. Lucia
* St. Vincent and the Grenadines
* Samoa
* Saudi Arabia
* Senegal
* Seychelles
* Sierra Leone
* Singapore
* Solomon Islands
* South Africa
* Sri Lanka
* Suriname
* Switzerland
* Tajikistan
* Taiwan2
* Tanzania
* Thailand
* Togo
* Tonga
* Trinidad and Tobago
* Tunisia
* Turkey
* Uganda
* Ukraine
* United Arab Emirates
* United Kingdom
* United States
* Uruguay
* Venezuela
* Vietnam
* Yemen
* Zambia
* Zimbabwe

| European Union|

* Austria
* Belgium
* Bulgaria
* Croatia
* Cyprus
* Czech Republic
* Denmark
* Estonia
* Finland
* France
* Germany
* Greece
* Hungary
* Ireland
* Italy
* Latvia
* Lithuania
* Luxembourg
* Malta
* Netherlands
* Poland
* Portugal
* Romania
* Slovakia
* Slovenia
* Spain
* Sweden

|

1. Special administrative regions of the People's Republic of China, participating as "Hong Kong, China" and "Macao, China".
2. Officially the Republic of China, participates as "Separate Customs Territory of Taiwan, Penghu, Kinmen and Matsu", and "Chinese Taipei" in short.

* v
* t
* e

Economy of Europe

Sovereign states|

* Albania
* Andorra
* Armenia
* Austria
* Azerbaijan
* Belarus
* Belgium
* Bosnia and Herzegovina
* Bulgaria
* Croatia
* Cyprus
* Czech Republic
* Denmark
* Estonia
* Finland
* France
* Georgia
* Germany
* Greece
* Hungary
* Iceland
* Ireland
*   * Italy
* Kazakhstan
* Latvia
* Liechtenstein
* Lithuania
* Luxembourg
* Malta
* Moldova
* Monaco
* Montenegro
* Netherlands
* North Macedonia
* Norway
* Poland
* Portugal
* Romania
* Russia
* San Marino
* Serbia
* Slovakia
* Slovenia
* Spain
* Sweden
* Switzerland
* Turkey
* Ukraine
* United Kingdom
* Vatican City

States with limited
recognition|

* Abkhazia
* Artsakh
* Kosovo
* Northern Cyprus
* South Ossetia
* Transnistria

Dependencies and
other entities|

* Åland
* Faroe Islands
* Gibraltar
* Guernsey
* Isle of Man
* Jersey
* Svalbard

Other entities|

* European Union

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