Economy of Luxembourg

Main sectors of activity

Agriculture:

Grapes, barley, oats, potatoes, wheat, fruits, dairy and livestock products.

Industries

Banking and financial services, construction, real estate services, iron, metals, steel, information technology, telecommunications, cargo transportation and logistics, chemicals, engineering, tires, glass, aluminum, tourism and biotechnology.

Labor Force

The labor force of Luxembourg was 282 800 in 2017. Luxembourg ranks 165th in world for the labor force. It is important to note that the workforce is essentially composed of foreigners (the labor force is nearly equal to the number of Luxembourger). Indeed, Luxembourg is very attractive because of its economic situation. It is important to note that these data exclude foreign workers. Indeed 150 000 workers commute daily from France, Belgium and Germany, which brings the true labor force much higher.

The labor force by occupation was the following in 2013:

Agriculture	1.1%
Industry	20%
Services	78.9%
Unemployment rate (2017)	5.8%

The unemployment rate was 5.8% in 2017, which makes Luxembourg to rank 89th on the lowest unemployment rate in the world.

Gross domestic product (GDP)

GDP (PPP) estimate for 2020:

Total	$66.848 billion (99th)
Per Capita	$112 045 (2nd)

Luxembourg rank 99th worldwide for the total gross domestic product in purchasing power parity (GDP PPP) with $66.848 billion in 2020. But Luxembourg is the second in the world when the value is reported per capita with a value of $112 045.

GDP (nominal) estimate for 2019:

Total	$69.453 billion (69th)
Per capita	$113 196 (1st)

Luxembourg rank 69th in the world for the total nominal gross domestic product with $69.453 billion in 2019. But Luxembourg rank first in the world when the GDP nominal per capita is taken into account with a value of $113 196.

GDP by sector (estimate for 2017):

Agriculture	0.3%
Industry	12.8%
Services	86.9%

The services sector is highly developed. Luxembourg is one of the most important financial place in the world. This attractiveness is due to very attractive laws put in place by the Government and, until 2010, Luxembourg was on the list of the Fiscal paradise.

Exports

In 2017, Luxembourg had exports for $15.99 billion, which make the country rank 72nd worldwide. The main export commodities are: machinery and equipment, steel products, chemicals, rubber products and glass.

The main exports partners and their parts in the exports were in 2017:

Germany	25.6%
Belgium	17.6%
France	14%
Netherlands	5.1%
Italy	4.1%
United Kingdom	4.1%

Imports

In 2017, Luxembourg had imports for $20.66 billion, which make the country rank 75th in the world. The main import commodities are: commercial aircraft, minerals, chemicals, metals, foodstuffs and luxury consumer goods.

The main imports partners and their parts in the imports were in 2017:

Belgium	32%
Germany	24.9%
France	11.1%
United States	5.7%
Netherlands	4.9%