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
Economy Luxembourg
Economy - overview: This 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. Although Luxembourg, like all EU members, has suffered from the global economic slump, the country has maintained a fairly robust growth rate. On 1 January 2002, Luxembourg - together with 11 of its EU partners - began to replace its circulating national currency with the euro.
GDP: purchasing power parity - $19.2 billion (2001 est.)
GDP - real growth rate: 4% (2001 est.)
GDP - per capita: purchasing power parity - $43,400 (2001 est.)
GDP - composition by sector: agriculture: 1% industry: 30% services: 69% (2000 est.)
Population below poverty line: NA%
Household income or consumption by percentage share: lowest 10%: NA% highest 10%: NA%
Inflation rate (consumer prices): 2.4% (2001 est.)