Country Details
Luxembourg
Western Europe, between France and Germany
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Economy
Detailed information and insights
Economic overview
high-income EU and eurozone economy; global, highly capitalized banking sector; one of highest GDP-per-capita countries; strengthened domestic demand and lower interest rates contributing to economic growth; challenges include pension-system sustainability, labor-market dynamics, and energy price volatility
Real GDP (purchasing power parity)
Real GDP (purchasing power parity) 2024
$86.871 billion (2024 est.)
Real GDP (purchasing power parity) 2023
$85.984 billion (2023 est.)
Real GDP (purchasing power parity) 2022
$86.584 billion (2022 est.)
Real GDP growth rate
Real GDP growth rate 2024
1% (2024 est.)
Real GDP growth rate 2023
-0.7% (2023 est.)
Real GDP growth rate 2022
-1.1% (2022 est.)
Real GDP per capita
Real GDP per capita 2024
$128,200 (2024 est.)
Real GDP per capita 2023
$129,000 (2023 est.)
Real GDP per capita 2022
$132,600 (2022 est.)
GDP (official exchange rate)
$93.197 billion (2024 est.)
Note
note: data in current dollars at official exchange rate
Inflation rate (consumer prices)
Inflation rate (consumer prices) 2024
2.1% (2024 est.)
Inflation rate (consumer prices) 2023
3.7% (2023 est.)
Inflation rate (consumer prices) 2022
6.3% (2022 est.)
GDP - composition, by sector of origin
Agriculture
0.2% (2024 est.)
Industry
9% (2024 est.)
Services
81.9% (2024 est.)
GDP - composition, by end use
Household consumption
31.6% (2023 est.)
Government consumption
18.6% (2023 est.)
Investment in fixed capital
16.1% (2023 est.)
Investment in inventories
1.3% (2023 est.)
Exports of goods and services
217.8% (2023 est.)
Imports of goods and services
-186.7% (2023 est.)
Agricultural products
milk, wheat, barley, triticale, potatoes, pork, grapes, beef, rye, rapeseed (2023)
Note
note: top ten agricultural products based on tonnage
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
Industrial production growth rate
-1.1% (2024 est.)
Note
note: annual % change in industrial value added based on constant local currency
Labor force
350,000 (2024 est.)
Note
note: number of people ages 15 or older who are employed or seeking work
Unemployment rate
Unemployment rate 2024
6% (2024 est.)
Unemployment rate 2023
5.2% (2023 est.)
Unemployment rate 2022
4.6% (2022 est.)
Youth unemployment rate (ages 15-24)
Total
20.2% (2024 est.)
Male
16.9% (2024 est.)
Female
24.2% (2024 est.)
Population below poverty line
17.3% (2021 est.)
Note
note: % of population with income below national poverty line
Gini Index coefficient - distribution of family income
Gini Index coefficient - distribution of family income 2022
34.1 (2022 est.)
Household income or consumption by percentage share
Lowest 10%
2.9% (2022 est.)
Highest 10%
25.6% (2022 est.)
Remittances
Remittances 2024
2.6% of GDP (2024 est.)
Remittances 2023
2.8% of GDP (2023 est.)
Remittances 2022
2.8% of GDP (2022 est.)
Budget
Revenues
$37.951 billion (2023 est.)
Expenditures
$38.263 billion (2023 est.)
Public debt
Public debt 2017
23% of GDP (2017 est.)
Taxes and other revenues
27.2% (of GDP) (2023 est.)
Note
note: central government tax revenue as a % of GDP
Current account balance
Current account balance 2024
$12.877 billion (2024 est.)
Current account balance 2023
$9.861 billion (2023 est.)
Current account balance 2022
$7.509 billion (2022 est.)
Exports
Exports 2024
$202.203 billion (2024 est.)
Exports 2023
$195.294 billion (2023 est.)
Exports 2022
$184.53 billion (2022 est.)
Exports - partners
Germany 18%, France 15%, Belgium 8%, Netherlands 7%, Italy 6% (2023)
Note
note: top five export partners based on percentage share of exports
Exports - commodities
iron blocks, gas turbines, plastic products, rubber tires, plastics (2023)
Note
note: top five export commodities based on value in dollars
Imports
Imports 2024
$160.032 billion (2024 est.)
Imports 2023
$156.818 billion (2023 est.)
Imports 2022
$149.751 billion (2022 est.)
Imports - partners
Belgium 26%, Germany 23%, France 10%, Netherlands 5%, USA 4% (2023)
Note
note: top five import partners based on percentage share of imports
Imports - commodities
cars, refined petroleum, electricity, plastic products, gas turbines (2023)
Note
note: top five import commodities based on value in dollars
Reserves of foreign exchange and gold
Reserves of foreign exchange and gold 2024
$2.789 billion (2024 est.)
Reserves of foreign exchange and gold 2023
$2.977 billion (2023 est.)
Reserves of foreign exchange and gold 2022
$2.874 billion (2022 est.)
Exchange rates
Currency
euros (EUR) per US dollar -
Exchange rates 2024
0.924 (2024 est.)
Exchange rates 2023
0.925 (2023 est.)
Exchange rates 2022
0.95 (2022 est.)
Exchange rates 2021
0.845 (2021 est.)
Exchange rates 2020
0.876 (2020 est.)