Flag description: three equal horizontal bands of red (top), white, and light blue; similar to the flag of the Netherlands, which uses a darker blue and is shorter; design was based on the flag of France
Luxembourg Economy
Economy - overview: The stable, high-income economy features solid growth, low inflation, and low unemployment. The industrial sector, initially dominated by steel, has become increasingly diversified to include chemicals, rubber, and other products. Growth in the financial sector has more than compensated for the decline in steel. Services, especially banking, account for a substantial proportion of the economy. Agriculture is based on small family-owned farms. The economy depends on foreign and trans-border workers for 30% of its labor force. Luxembourg has a custom union with 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 - $15.9 billion (2000 est.)
GDP - real growth rate: 5.7% (2000 est.)
GDP - per capita: purchasing power parity - $36,400 (2000 est.)
GDP - composition by sector: agriculture: 1%
industry: 30%
services: 69% (2000 est.)
Population below poverty line: NA%